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Showing posts from January, 2013

East China Mineral Exploration and Development Bureau back off from galaxy investment

Galaxy Resources Ltd (ASX: GXY) (“Galaxy”  or  “the Company”) confirms it has been advised by East China Mineral Exploration & Development Bureau (“ECE”) that its Board has withdrawn from ECE’s proposed investment in Galaxy .Galaxy today confirmed it had been advised by ECE that its board has withdrawn its proposed investment, which would have been through the subscription of 132.4 million shares at 50c each. The placement would have delivered ECE a 19.8 per cent stake in Galaxy.The investment was unveiled in November last year, weeks before Galaxy announced that an employee had passed away from injuries sustained from a blast at the Jiangsu plant.About Galaxy (ASX: GXY) Galaxy Resources Ltd (“Galaxy”) is an Australian-based global lithium company with lithium production facilities, hard rock mines and brine assets in Australia, China, Canada and Argentina. The Company is an integrated lithium mining, chemicals and battery company listed on the Australian
Securities Exchange …