1st Jun 2020 14:28
(Alliance News) - Galileo Resources PLC on Monday said it intends to raise up to GBP900,000 through a placing, the proceeds of which be use for general working capital towards its licences in the Kalahari copper belt in Botswana.
The company will issue 54.6 million shares at a price of 0.80 pence each in a firm placing, and 57.9 million shares at the same price in a placing conditional on shareholder approval at an upcoming general meeting on June 18.
The issue price per share is at a discount of 14% compared to the closing price of 0.93p on Friday.
Shares in Galileo Resources were down 8.5% at 0.84p on Monday in London.
Proceeds will be for its newly-acquired copper-nickel-platinum group metals licences in the Kalahari copper belt, and to progress its Star Zinc and Kashitu projects in Zambia.
In particular, for Star Zinc Galileo is looking to prepare an application and related environmental activities for a small-scale mining permit.
"This equity placing will allow the company to complete its various applications for its Star Zinc project, commence exploration at Kashitu and initiate an aggressive programme of exploration for its highly prospective new acquisition in the Kalahari copper belt. We look forward to progressing with the aforementioned works and keeping the market informed on our progress on a regular basis," said Chief Executive Officer Colin Bird.
By Dayo Laniyan; [email protected]
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