2nd May 2014 13:48
LONDON (Alliance News) - Galileo Resources PLC Friday said it has sold its entire stake in Praetorian Resources Ltd, amounting to four million shares, for gross proceeds of GBP320,000.
The Praetorian shares were acquired in July 2012 in return for the issue of five million shares issued at a price of 40 pence per share. At the same time, Praetorian subscribed GBP1 million in cash for 2.5 million Galileo Shares at 40 pence per share.
Galileo said the Praetorian shares were shown in the last published balance sheet at June 30, 2013 at a total value of GBP800,000.
The further loss arising on the sale will be treated as a charge against income and the proceeds of the sale net of commissions will be added to the Company's working capital resources, it added.
Galileo was untraded Friday, while Praetorian last traded at 9 pence.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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