Galan Lithium managing director Juan Pablo Vargas de la Vega and non-executive director Terry Gardiner have further highlighted their confidence in the company’s flagship Hombre Muerto West (HMW) project in Argentina by snapping up a significant parcel of shares in the company.
Mr Vargas de la Vega and Mr Gardiner are investing $1 million and $414,000 respectively to maintain their strong positions in Galan, which finalised a $14m capital raising earlier this week.
The directors each acquired the shares at a placement price of $0.46, well above the company’s current trading price of $0.23, thus backing the company at double the available price.
Capital raising success
Earlier this week, Galan’s HMW plans received a strong vote of support from institutional, sophisticated and professional investors with the company receiving firm commitments to raise $14m.
The funds will be utilised for the ongoing development of the HMW Phase 1 construction in the lead-up to Galan finalising negotiations for alternative funding solutions to enable the project’s completion.
HMW Phase 1 progress
Meanwhile, Galan reports that it is making good progress with construction activities for Phase 1 at HMW.
The company is aiming to commence lithium chloride production in H1 2025 after a definitive feasibility study (DFS) highlighted the project’s capacity to produce 5.4 thousand metric tonnes per annum lithium carbonate equivalent (LCE) of lithium chloride concentrate.
The plan is to gradually increase output, culminating in a Phase 4 production target of 60ktpa LCE by 2030.
This will include lithium brine sourced from both HMW and the 100%-owned Candelas project.
