Galaxy Resources Ltd Consolidation of Securities
Consolidation of Securities: Galaxy Resources Ltd (ASX: GXY) slipped over 2% on May 23, 2017. The group has been reported to be trading on a deferred settlement basis* until May 30, 2017 (under the code GXYDA). This has come post the recent shareholders’ approval for share consolidation. On May 17, 2017, the group announced about security consolidation on the basis that every 5 (pre-consolidation) securities will be consolidated into 1 (post-consolidation) security. Galaxy also highlighted the record date as May 23, 2017 with issue date of May 30, 2017. In such a case, the share price is generally expected to rise post consolidation while some volatility might prevail in the short term. On the other hand, Galaxy also announced about the commencement of a drilling campaign and pit optimisation review that will support an updated Life of Mine (LOM) plan at Mt Cattlin. The planned drilling campaign for an aggregate 32,100m of drilling at Mt Cattlin will include 6,500m of drilling to the east of Floater Road to develop and improve confidence in resources east of Cattlin Creek with 3,330m of immediate grade control drilling to support short term mine planning. Further, 18,600m of resource development drilling will be carried out to improve resource classification. Drilling has been scheduled to commence before the end of May 2017.
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