Galaxy Resources raises $1m for study

Perth-based explorer Galaxy Resources has successfully raised $1 million through a book build to sophisticated investors, with funds to be applied to a definitive feasibility study for its Mt Cattlin lithium-tantalum project at Ravensthorpe.

The book build placement consists of an issue price of 35 cents per share, together with free attaching, unlisted 1 year option exercisable at 35 cents each, to raise gross proceeds of up to $1 million.

Managing Director, Mr Iggy Tan said that the capital will be used for the various environmental, geological, mining and engineering studies required to complete the DFS of the Mt Cattlin project.

"The Mt Cattlin Lithium Tantalum project looks very positive and we expect to announce the final results of the DFS at the end of December 2008," said Mr Tan.

"We are very pleased to have been able to raise capital in the current market conditions, which we see as recognition of the significant potential of Mt Cattlin."