PERTH, Australia, July 29, 2014 /CNW Telbec/ - Galaxy Resources Limited (ASX: GXY) ("Galaxy" or "the Company") informs shareholders that the Company has established a share sale facility ("Facility") for holders of parcels of Galaxy shares with a market value of less than $500.00 ("Unmarketable Parcels"). The Facility is being established in accordance with the Company's Constitution and the ASX Listing Rules.
The Record Date for the purposes of establishing holders of Unmarketable Parcels has been set at close of trade on Friday, 18 July 2014. The price that you receive for your shares under the Facility will be A$0.052 based on the GXY 5 day VWAP price - week ending 18 July 2014 ("Record Date") as mandated by Bell Potter Securities Limited.
The Company has 11,318 shareholders on its share register. Of these, approximately 6,514 hold parcels of less than $500.00 in value based on the Galaxy share price of A$0.055 as at close of trade on 18 July 2014 ("Record Date") and are deemed holders of Unmarketable Parcels.
The Company is entitled to sell, on the shareholders behalf, an unmarketable parcel of shares in the Company unless shareholders notify the Company otherwise. By facilitating the sale of Unmarketable Parcels the Company expects to reduce the administrative costs associated with maintaining a large number of small shareholdings.
Attached is a copy of the letter, information notes and standardised Share Retention Form which is to be despatched to all shareholders holding an unmarketable parcel on the Record Date.
Caution Regarding Forward Looking Information.
This document contains forward looking statements concerning Galaxy.
Forward-looking statements are not statements of historical fact and actual events and results may differ materially from those described in the forward looking statements as a result of a variety of risks, uncertainties and other factors. Forward-looking statements are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes.
Forward looking statements in this document are based on Galaxy's beliefs, opinions and estimates of Galaxy as of the dates the forward looking statements are made, and no obligation is assumed to update forward looking statements if these beliefs, opinions and estimates should change or to reflect other future developments.
Not For Release in US
This announcement has been prepared for publication in Australia and may not be released in the U.S. This announcement does not constitute an offer of securities for sale in any jurisdiction, including the United States, and any securities described in this announcement may not be offered or sold in the United States absent registration or an exemption from registration under the United States Securities Act of 1933, as amended. Any public offering of securities to be made in the United States will be made by means of a prospectus that may be obtained from the issuer and that will contain detailed information about the company and management, as well as financial statements.
SOURCE: Galaxy Resources Limited
For further information:
Interim CFO and Company Secretary
Galaxy Resources Ltd
Tel (office): +61 (0) 8 9215 1700
Tel (office): +61 (0) 8 9485 8888
Tel (mobile): + 61 (0) 420 945 291