Galaxy raises $1.8 million in book build

West Perth company Galaxy Resources has raised $1.8 million in a book build to sophisticated investors.

The funds will be applied to the completion of a downstream lithium carbonate pre-feasibility study, which is ontrack for completion by June 2009.

The book build placement consists of the issue of 6 million shares at an issue price of 30 cents per share.
Application for listing will be lodged once all subscription monies have cleared.
The funds raised through the book build will be used to help complete the downstream lithium carbonate pre-feasibility study to support the company's Mt Cattlin lithium tantalum project at Ravensthorpe.

The study will also investigate establishing a similar lithium carbonate plant in China due to lower associated capital and operating costs, as well as being close to the strategic growing battery markets in Asia.