Galaxy makes major investment in Alliance

Lithium miner Alliance Mineral Assets has announced plans to raise A$32.5-million through a subscription agreement with fellow-listed Galaxy Resources and with Weier Antriebe und Energietechnik GmBH, a subsidiary of Jiangxi Special Electric Motor Company.

The share placement will consist of 112.5-million share institutional placement and a 50-million conditional share placement, with A$22.5-million being raised from lithium miner Galaxy, with the balance of the placement going to Weier.