Feb 12 (Reuters) - Galaxy Resources Ltd GXY.AX :
* JOINS LEGAL PROCEEDINGS SEEKING VALUE FOR ITS ALITA SHAREHOLDING
* SUPPORTS POSITION OF LITHIUM WA INVESTMENTS AND HAS JOINED LEGAL PROCEEDINGS AS A PLAINTIFF
* WILL SHARE COSTS OF LEGAL PROCEEDINGS WITH LWA AND TRIBECA
* TO FUND 60% OF CONSIDERATION PAYABLE BY LWA IN FORM OF CONVERTIBLE LOAN
* IF LEGAL PROCEEDINGS ARE SUCCESSFUL EITHER LWA WILL ACQUIRE ALITA ASSETS FOR A$55 MILLION
* IF ALITA IS PLACED INTO LIQUIDATION, CO TO SEPARATELY CONSIDER MAKING OFFER TO BUY ALITA OR ITS ASSETS AS PART OF LIQUIDATOR SALE PROCESS