Galaxy Resources Limited Stock Market Press Releases and Company Profile
A$15 Million Finance Update
A$15 Million Finance Update

Perth, Nov 9, 2012 AEST (ABN Newswire) - Galaxy Resources Ltd (googlechartASX:GXY) is pleased to announce that the company has successfully issued 30 million fully paid ordinary shares at a price of A$0.50 per share raising A$15 million to cornerstone investor M&G Investments ("M&G"), who manages the Vanguard Precious Metals and Mining Fund as announced on 5 November 2012.

Galaxy is to raise A$81 million (before costs) via an equity placement ("Placement") to M&G ("Tranche 1") and China's ECE ("Tranche 2").

A revised indicative timetable for the Placement is as follows:
----------------------------------------------------------Item                                     Timing----------------------------------------------------------Issue of Tranche 1 shares - Completed    7 November 2012Notice of Meeting for EGM dispatched     14 December 2012Shareholder approval at EGM of Tranche 2 16 January 2013Issue of Tranche 2 shares                Late January 2013----------------------------------------------------------
The Company has also redeemed 9 Convertible Notes with a combined value of C$5 million with various note holders arising from the successful merger between Galaxy and Lithium One on 4 July 2012.

About Galaxy Resources Limited

Galaxy Resources ASX:GXYGalaxy Resources Limited (ASX:GXY) (OTCMKTS:GALXF) is an international S&P / ASX 200 Index company with lithium production facilities, hard rock mines and brine assets in Australia, Canada and Argentina. It wholly owns and operates the Mt Cattlin mine in Ravensthorpe Western Australia, which is currently producing spodumene and tantalum concentrate, and the James Bay lithium pegmatite project in Quebec, Canada.

Galaxy is advancing plans to develop the Sal de Vida lithium and potash brine project in Argentina situated in the lithium triangle (where Chile, Argentina and Bolivia meet), which is currently the source of 60% of global lithium production. Sal de Vida has excellent potential as a low cost brine-based lithium carbonate production facility.

Lithium compounds are used in the manufacture of ceramics, glass, and consumer electronics and are an essential cathode material for long life lithium-ion batteries used in hybrid and electric vehicles, as well as mass energy storage systems. Galaxy is bullish about the global lithium demand outlook and is aiming to become a major producer of lithium products.

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Contact

Galaxy Resources Limited
T: +61-8-9215-1700
F: +61-8-9215-1799
WWW: www.galaxyresources.com.au



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