Business
Acquisition of Kalahari Copper Belt project
Acquisition of Kalahari Copper Belt project.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 0184Z\n Galileo Resources PLC\n 15 September 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 15 September 2020\n \n Galileo Resources Plc\n (\"Galileo\" or \"the Company\")\n \n \n \n \n Share Purchase Agreement re Acquisition of 100% of \n \n \n Africibum Co Pty Ltd's interest in its North East Kalahari Copper Belt project, Botswana\n \n \n Galileo (AIM:GLR), the exploration and development mining company, is pleased to announce the conditional acquisition of 100% of Africibum Co Pty Ltd and its interests in the North East Kalahari Copper Belt project in Botswana.\n \n Project Highlights\n \n · Galileo ground position in Kalahari Copper Belt extended to include Quirinus copper-silver prospect with historic shallow drill intercepts\n \n · Three-hole RC drilling programme by previous explorer all intersected mineralisation along 600m soil anomaly, including 4m @ 1.7% Cu, 13g/t Ag and 6m @ 0.9% Cu, 14g/t Ag\n \n · Copper-in-soil anomalies extend for 13.4km in total, much of it untested\n \n · Tenement lies within 15km of major copper-silver discoveries, part of Cupric Canyon Capital's Khoemacau Project\n \n · Other licences are little explored but believed to be partly underlain by the target host rocks\n \n \n \n North East Kalahari Copper Belt Project Acquisition: The Company has entered into a conditional Share Purchase Agreement dated 14 September 2020 to acquire 100% of Africibum Co (Pty) Ltd, incorporated in Botswana (Company number 1828747) (\"Africibum\") and its interest in five mining tenements PL366/2018, PL367/2018, PL368/2018, PL122/2020, PL123/2020 and two mining tenement applications in Botswana (the \"North East Kalahari Copper Belt Project\") (the \"Acquisition Agreement\"). The consideration payable by Galileo at Completion of the Acquisition Agreement is a total of a) 42,000,000 fully paid ordinary shares in the Company at a price of 0.779 pence per ordinary share (\"Galileo Shares\") comprising i) 35,000,000 Galileo Shares to be issued to Africibum's ordinary shareholders (the \"Sellers\") (\"Ordinary Share Consideration\"), and ii) 7,000,000 Galileo Shares to be issued to...