Nov 25 (Reuters) - Galaxy Resources Ltd GXY.AX :
* Corporate facility update GXY.AX
* Galaxy and ocp will now arrange drawdown of the facility for repayment of the outstanding convertible bonds
* Received confirmation from ocp Asia that all conditions precedent to utilisation of the A$31 million debt facility have been satisfied
* Pursuant to arragement , has issued the relevant Galaxy shares to both the clipper group participants and ocp
* Says as a condition of ocp facility, company advises that it has received notice from the clipper group
* Received notice from clipper group where it has agreed to convert its outstanding secured loan of A$4.45 million into Galaxy shares
* Source text (http://bit.ly/1QGPiKE)