Business
Completion of Acquisition of 100% of Africibum Co
Completion of Acquisition of 100% of Africibum Co.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2659C\n Galileo Resources PLC\n 16 October 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 16 October 2020\n \n Galileo Resources Plc\n (\"Galileo\" or \"the Company\")\n \n \n \n \n Completion of 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, further to its announcement on 15 September 2020, to announce the completion on 15 October 2020 (the \"Completion Date\") of the acquisition of 100% of Africibum Co Pty Ltd (\"Africibum\") and its interests in the North East Kalahari Copper Belt project in Botswana (the \"Acquisition\").\n \n \n North East Kalahari Copper Belt Project Acquisition: The Company has acquired 100% of Africibum Co (Pty) Ltd, incorporated in Botswana (Company number 1828747) (\"Africibum\") and its 100% interest in five prospecting licences PL366/2018, PL367/2018, PL368/2018, PL122/2020, PL123/2020 and two mining tenement applications in Botswana (the \"North East Kalahari Copper Belt Project\").\n \n \n Colin Bird, Executive Chairman and CEO of Galileo, commented:\n \n \n \"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 >1% Cu 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.\n \n \n \n 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\"\n \n \n \n [1]\n \n \n \n \n \n Consideration payable: The consideration payable by Galileo at Completion of the Acquisiti...