The company had previously announced the investment proposal of ECE that was to add $66.2 m to its total capital raising $81m.
"ECE has indicated to Galaxy it is willing to re-consider the investment when Galaxy’s Jiangsu Lithium Carbonate Plant in China returns to stable operation," said the company in a statement.
Galaxy, however, stated that it is seeking other potential investors to replace the Chinese.
The company has also announced that the first tranche of $20m financing has been agreed with Deutsche Bank and includes equity placement and call option transactions.
Earlier in November 2012, Galaxy’s lithium processing plant witnessed a blast claiming lives of two workers following which the site was closed and expected to be opened in February 2013.
