Hot Stocks Galaxy Resources (GXY)

Galaxy Resources (GXY) is an emerging mining and chemical company, focusing on lithium and tantalum production.

GXY has been one of the hot stocks in recent weeks, surging over 25% since its results announcement on 13 September.

On 4 October, GXY advised it was seeking to raise $30 million via a convertible note issue to a Chinese investor.

GXY stated that it intends to use the funds to invest in additional capital expenditure, and working capital requirements.

Although the Australian stock market advanced 1% that day, GXY slumped 3.5% on its capital raising plans.

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