viewGalena Mining Ltd

Galena Mining in trading halt ahead of Abra project financing facility announcement

The company recently accepted binding commitments to raise $12 million providing it with a strong financial platform to complete the Abra Base Metals Project debt financing process.

Galena Mining Ltd - Galena Mining in trading halt ahead of Abra Project financing facility announcement
Hartleys Limited and Petra Capital Pty Ltd acted as joint lead managers and joint bookrunners to the placement

Galena Mining Ltd (ASX:G1A) has an announcement pending in relation to a financing facility for the Abra Base Metals Project and has been granted a trading halt by the ASX.

The trading halt will remain in place until the beginning of regular trade on Thursday, July 30, or when an announcement is released to the market, whichever occurs earliest.

Shares in the company which has a market cap of approximately $115.1 million last traded at 25 cents and are up from 20.5 cents at the close on July 20.

$12 million placement

Galena accepted binding commitments earlier this month for a placement of 57.15 million shares at an issue price of 21 cents per share to raise $12 million before costs.

The placement was significantly oversubscribed and well supported by existing and new investors including high-quality institutional investors.

These funds will provide the company with a strong financial platform on which to complete the Abra Base Metals Project debt financing process and help it to maintain a strong working capital position.

Funds will also be allocated to undertake optimisation drilling at the project ahead of underground mining and to drill the newly interpreted target for gold and copper mineralisation for the first time.

Quick facts: Galena Mining Ltd

Price: 0.25 AUD

Market: ASX
Market Cap: $115.46 m

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Galena Mining Ltd named herein, including the promotion by the Company of Galena Mining Ltd in any Content on the Site, the Company receives...


Galena Mining's Alex Molyneux talks funding and new gold and base metals...

Galena Mining Ltd's (ASX:G1A) Alex Molyneux updates Proactive's Andrew Scott on debt financing discussions for its flagship Abra Project in Australia as well as outlining new gold and base metals drilling targets that've been identified. He says recent work has found gold mineralisation trends...

on 29/6/20

2 min read