Australia's Galan Lithium set for worst day in 9 months on discounted placement

Galan Lithium

29/01/2026 03:41

** Shares of Galan Lithium GLN.AX fall as much as 17% to A$0.39, their lowest level in a week; stock last down 14.4%

** On track for the worst session since April 7, 2025

** Lithium explorer receives firm commitments to raise A$40 million ($28.26 million) through institutional placement

** Issue price of A$0.41 per share represents a discount of 14.3% to stock's last closing price

** To use proceeds to complete Phase 1 construction activities, expand Phase 1 production capacity, others

** About 16 million shares change hands, 3 times the 30-day avg

** Stock is down 25.8% in January

($1 = 1.4154 Australian dollars)

 (Reporting by Anjali Singh in Bengaluru)

 ((anjali.singh2@thomsonreuters.com;))