Galan Lithium (ASX:GLN) raised $3 million from Latam Resources, an affiliate of Chengdu Chemphys Chemical Industry, through a share placement, according to a Tuesday filing with the Australian bourse.
The placement was first disclosed last September and secured shareholder approval on Nov. 15, 2024, the filing said.
The funds will be directed towards ongoing Phase 1 operations at Galan's Hombre Muerto West lithium project in Argentina, the filing said.
Additionally, the company is working towards finalizing an offtake prepayment facility, with a targeted financial close in the first quarter of the year.
Shares of the company rose past 4% at market close.
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