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On 10 October, Lepidico (LPD) announced that Galaxy Resources had agreed to subscribe for a 12% strategic shareholding in Lepidico via a private placement of 291.8m shares at a price of A$0.01/share to raise A$2.9m. At the same time, LPD is also offering existing shareholders the opportunity to invest alongside Galaxy on the same financial terms, via a 1-for-6 partially underwritten renounceable entitlement offer (effectively a rights issue) at A$0.01/share to raise up to an additional c A$4m. Total gross proceeds of up to A$7.0m will be used to fund LPD’s Phase 1 L-Max full feasibility study through to final investment decision as well as advancing Lepidico’s resource development and exploration activities.

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