Galaxy Resources Ltd Security consolidation
Security consolidation: Galaxy Resources Ltd (ASX: GXY) witnessed a stock price drop of 7.1% on May 17, 2017 while the group announced for commencement of a drilling campaign and pit optimisation review aimed at supporting an updated Life of Mine (“LOM”) plan at Mt Cattlin along with a security consolidation announcement (every 5 pre-consolidated securities to be consolidated into 1). There seem to be some sort of shorting of shares owing to the latter announcement. In another related announcement, the group expressed that shareholders are also considering grant of options to Directors at the Annual General Meeting on May 18, 2017 (exercise price if approved will be $0.556). On the other hand, the group stated that a total of 32,100m of development, grade control and exploration drilling is planned at Mt Cattlin. Further, staged drilling is expected to expand Mt Cattlin Recoverable Resource (from 12Mt to 15Mt) and Reserve withresults expected Q3, 2017 onwards.The campaign will also include 3,700m of drilling on surrounding exploration leases, subject to statutory approvals. The drilling is scheduled to commence before the end of May.
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