16th Oct 2020 15:50
Galileo Resources PLC - miner with projects in Botswana, Zambia and South Africa - Completes acquisition of Africibum Co Pty Ltd and its interests in the North East Kalahari Copper Belt project located in Botswana. Galileo has acquired Africibum as well as its 100% interest in five prospecting licences and two mining tenement applications in Botswana. On completion of the acquisition, Galileo issues 42.0 million of its own fully paid shares, 35.0 million to Africibum's shareholder plus 7.0 million to the sellers as reimbursement of share costs to date. Also issues 10.0 million warrants with a 2 pence per share exercise price. Based on Galieo's Thursday closing share price of 0.691 pence, the aggregate market value of the ordinary share and reimbursement share consideration is GBP290,220.
Executive Chair & Chief Executive Colin Bird: "I am very pleased that we have completed the acquisition of Africibum whose licences lie in an area of high prospectivity in the Kalahari Copper Belt. The licence area is 15 km from the Boseto Copper Project and generally on trend with other known discoveries in the area. With drill holes assaying [greater than 1% copper] the project has already advanced beyond the conceptual stage, and it is the intention to test for an extension of the open strike on one licence and update the geophysics on another licence.
"The acquisition completes the company's Kalahari Copper Belt portfolio and we look forward to exploration in our expanded footprint in the Belt which is part of the Northwest Botswana Rift which the USGS in 2015 reported as the world's most prospective area for yet-to-be discovered sediment hosted copper deposits."
Current stock price: 0.92p; up 30% on Friday
Year-to-date change: up 83%
By Anna Farley; [email protected]
Copyright 2020 Alliance News Limited. All Rights Reserved.
Related Shares:
Galileo Resourc