Galena Mining in trading halt ahead of Abra project financing facility announcement

Galena Mining Ltd (ASX:G1A) has an announcement pending in relation to a financing facility for the Abra Base Metals Project and has been granted a trading halt by the ASX. The trading halt will remain in place until the beginning of regular trade on Thursday, July 30, or when an announcement is released to the market, whichever occurs earliest. Shares in the company which has a market cap of approximately $115.1 million last traded at 25 cents and are up from 20.5 cents at the close on July 20. $12 million placement Galena accepted binding commitments earlier this month for a placement of 57.15 million shares at an issue price of 21 cents per share to raise $12 million before costs. The placement was significantly oversubscribed and well supported by existing and new investors including high-quality institutional investors. These funds will provide the company with a strong financial platform on which to complete the Abra Base Metals Project debt financing process and help it to maintain a strong working capital position. Funds will also be allocated to undertake optimisation drilling at the project ahead of underground mining and to drill the newly interpreted target for gold and copper mineralisation for the first time.