Pricing of the fund raising of 50c per new share compares with the stock spending most of 2020 trading at levels between 11c and 15c.

However, interest in Galan grew strongly late in 2020 as it increased resources and completed scoping work at its Hombre Muerto West lithium brine project in Argentina.

Those company-specific positives were compounded by general investor interest in the lithium sector surging on the price of the commodity starting to recover as strong EV sales numbers and positive global/US ‘green revolution' sentiment.

Galan will use the new funding and existing cash reserves of $4.6 million for work at HMW as well as exploration of ground near the Greenbushes hard rock lithium/spodumene operation in Western Australia.

Shares in Galan were up 17.5% to 60.5c in early trade, capitalising the company at $104 million.