1st Mar 2016 15:12
LONDON (Alliance News) - Galileo Resources PLC said Tuesday that it has raised GBP375,000 through a placing of 37.5 million shares at a price of 1 pence each, enacted by its broker Beaufort Securities.
Shares in Galileo Resources were down 5.7% at 1.25 pence Tuesday afternoon.
Partaking in the placing were Galileo's Chairman Colin Bird and Non-Executive Director Richard Wollenberg, who subscribed for 5 million and 500,000 shares respectively. Following this Bird holds 48.19 million shares in the company or a 24.87% stake, and Wollenberg holds 3.3 million shares or a 1.7% stake.
Galileo plans to use the placing proceeds to fund a deposit required under the terms of its cooperation and joint venture agreement signed with Shirley Hayes and Shirley Hayes ipk (Pty) Ltd in relation to the Concordia copper property in the Northern Cape Province of South Africa.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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