Business
Why the Galaxy Resources (ASX:GXY) share price is tumbling lower today
The Galaxy Resources Limited (ASX: GXY) share price has ended its winning streak and is dropping lower today.
At the time of writing, the lithium miner’s shares are down 3.5% to $1.93.
Why is the Galaxy share price tumbling lower?
This morning the company’s shares returned from a trading halt after successfully completing its fully underwritten institutional placement and entitlement offer.
According to the release, Galaxy raised a total of $124 million from institutional investors at $1.70 per new share. This represents a 15% discount to its last close price of $2.00.
Galaxy received significant demand during the institutional offer bookbuild from high-quality, eligible existing and new institutional investors located in…
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