Galaxy Resources Limited - Postpones Hong Kong IPO On Unfavourable Financial Markets
13.03.2011 | ABN Newswire
08:24 AEST Mar 14, 2011 ABN Newswire (C) 2004-2011 Asia Business News PL. All Rights Reserved.Perth, Australia (ABN Newswire) - Lithium focused miner Galaxy Resources Limited (ASX: GXY) (PINK: GALXF) announces a postponement of its proposed initial public offering (IPO) in Hong Kong until further notice, due to unfavourable financial market conditions.
ASX-listed Galaxy had planned a dual listing on the Stock Exchange of Hong Kong (SEHK) at the end of the current quarter.
Managing Director, Iggy Tan said that whilst the Company is very disappointed to have to delay its Hong Kong IPO, it is a prudent decision in light of serious international events and related market volatility.
'Given the Company's strong financial position, we saw no necessity to launch the IPO in a market environment that would not serve the interests of either existing shareholders or deal participants.'
'We are still strongly focused on listing in Hong Kong and will proceed when we believe the time is right.'
About Galaxy Resources Limited:
Galaxy Resources Limited (ASX:GXY) (PINK:GALXF) is an emerging mining and chemical company focusing on lithium and tantalum production. Galaxy is at an advanced stage of developing its Mt Cattlin Lithium Project (hard rock spodumene) in Ravensthorpe, Western Australia. The Project encompasses a mine and minerals plant which will produce 137,000 tpa of 6% Li2O spodumene concentrate. Galaxy intends to add value to the Mt Cattlin Project by establishing its own downstream lithium processing facilities in China.
The Company is finalising plans to establish a lithium carbonate chemical facility in Jiangsu Province, producing 17,000 tpa of lithium carbonate.
Contact:
Iggy Tan
Managing Director
Galaxy Resources Limited
Tel: +61-8-9215-1700
Email: ir@galaxylithium.com
http://www.galaxylithium.com