Galan Lithium Limited (ASX:GLN) announced that it has received commitments for a private placement of 5,555,555 at a price of AUD 0.18 per share for gross proceeds of AUD 999,999.9 on August 5, 2019. The transaction will include participation from sophisticated investors. The company will also issue one free unquoted option for every two shares subscribed in the transaction. Each option will be exercisable at a price of AUD 0.25 per share for a period expiring August 31, 2020.