Galan Lithium Ltd (ASX:GLN) non-executive director Christopher Chalwell has acquired 461,402 fully paid ordinary shares through a conversion of quoted options.
The options were to expire on December 31 and were exercised at a price of 14 cents per share, amounting to $64,596.
Chalwell’s direct holding remains at 300,000 shares but his indirect holding now totals 2,161,402 fully paid ordinary shares and 750,000 unlisted options exercisable at 15 cents a share.
The lithium exploration company entered into an underwriting agreement with Barclay Wells Ltd last week for the exercise of nearly 11.4 million outstanding quoted Galan options.
The options are exercisable at 14 cents each and will guarantee Galan raises almost $1.6 million before costs to advance exploration activities at its Hombre Muerto Lithium Project in Argentina.
The total number of quoted Galan options on issue is 15,596,644, which if fully exercised will raise nearly $2.2 million.
READ: Galan Lithium defines new areas of lithium brines at Hombre Muerto project
Galan recently defined potential new discoveries of lithium-bearing brines at its project in Argentina’s Catamarca province.
Recent results from a controlled-source audio-frequency magnetotelluric (CSAMT) survey conducted over Galan's western basin targets indicate other areas of brine sources at Hombre Muerto.
The company is advancing contracts for drilling and for camp services and logistics as it awaits final permitting to conduct drilling across the project.