29th Jan 2015 15:16
LONDON (Alliance News) - Galileo Resources PLC Thursday said it has raised GBP300,000 in a placing of new shares, with the proceeds to provide working capital including the funds needed to begin its Nevada copper and gold exploration programme.
In a statement, Galileo said it has issued 10.0 million new shares at 3 pence each.
The placing depends on the company winning shareholder approval in a vote scheduled for next month that could see a reorganisation of its share issue and the creation of deferred shares.
Galileo shares have been trading below their nominal value of 5 pence a share, which isn't allowed under English company law and also prevents it from raising new funds by issuing more equity.
Galileo Resources shares were down 10% at 3.25 pence on Thursday.
By Samuel Agini; [email protected]; @samuelagini
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