Business
Acquisition of Copper Assets & Issue of Equity
Acquisition of Copper Assets & Issue of Equity.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 5420N\n Galileo Resources PLC\n 21 May 2020\n \n \n \n \n \n \n \n For immediate release \n \n \n \n \n \n Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).\n \n \n 21 May 2020\n \n Galileo Resources Plc\n (\"Galileo\" or \"the Company\")\n \n \n \n \n Acquisition of Copper Exploration Assets in Botswana \n \n \n Issue of Equity \n \n \n \n \n \n Galileo Resources plc (\"Galileo \"or the \"Company\") is pleased to announce that it has completed the acquisition of 100% of Botswana- incorporated Crocus-Serv (Pty) Ltd (\"Crocus\") (the \"Acquisition\"), having satisfied the Conditions Precedent in terms of the Heads of Agreement (\"HoA\") (as announced 7 May 2020 -RNS number 3266M). Crocus's assets include 21 exploration prospecting licences (PLs) of which 19 are in the highly prospective Kalahari Copper Belt (KCB) and 2 are in the Limpopo Mobile Belt (LMB) in the western and north eastern Botswana respectively. The PLs cover a total 14,875 square kilometres\n \n In terms of the HoA, the Company has issued as consideration a total 38,814,246 new Galileo ordinary shares of 0. 1p at 0.42p each to Crocus (the Consideration Shares) and will make a cash payment of £10,828 (Vendor Cash Consideration). The Consideration Shares are subject to Orderly Market arrangements as set out in the 7 May announcement. The Company has applied for the Consideration Shares to be admitted to trading, expected on or around 28 May 2020 on AIM. \n \n \n Furthermore, the Company confirms that it has also issued a total of 26,505,000 fully paid ordinary shares in the Company (the \"New Ordinary Shares\") pursuant to the exercise of warrants in terms of the Placing Agreement dated 17 October 2019 (RNS announced 18 October 2019). Application will be made for admission of the above Consideration and New Ordinary Shares (collectively \"New Shares\") to trading on AIM (\"Admission\"), with Admission expected to occur on around 28 May 2020. \n \n \n \n \n \n Following the issue of the above Consideration Shares and New Shares, which rank pari passu to the existing ordinary shares in the Company, the Company has ...