Galan Lithium (ASX:GLN) agreed with its proposed offtake partner, Chengdu Chemphys Chemical Industry, to extend the sunset clause for the latter's placement participation to Jan. 24, 2025, according to a Monday filing with the Australian bourse.
Chengdu Chemphys Chemical Industry will subscribe for AU$4.5 million under the company's previously disclosed share placement to raise up to AU$25 million in total.
The company expects Chengdu Chemphys Chemical Industry to subscribe for placement shares before definitive agreements for the offtake prepayment facility are executed.
Galan Lithium shares closed up by more than 4% Tuesday.
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