Business
Conclusion of Concordia JV Agreement
Conclusion of Concordia JV Agreement.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 8636L Galileo Resources PLC 14 January 2016 \n\n 14 January 2016\n \nGalileo Resources Plc\n(\"Galileo\" or \"the Company\")\n \n \nGalileo Concludes Cooperation and Joint Venture Agreement to acquire an interest in the Concordia Copper Project in the Okiep Copper District, in Northern Cape Province of South Africa and Appoints Independent Geological Consultant \n \nGalileo (AIM:GLR), the exploration and development mining company, is pleased to announce it has entered into a Cooperation and Joint Venture Agreement (the \"Agreement\") with Shirley Hayes (\"SH\") and Shirley Hayes, ipk (Pty) Ltd (\"SHIP\"), which holds the prospecting rights to the 36,373 hectare (19km2) Concordia copper property (\"Concordia\") in the OKiep Copper District (\"OCD\") in the Namaqualand Complex in the Northern Cape Province of South Africa. This follows the binding and exclusive Memorandum of Understanding with Shirley Hayes and SHIP, previously announced on 17 November 2015, to earn-in and acquire up to an 80% interest (subject to dilution by the BEE partner to not less than 69.39%) in the Concordia Copper Project (the \"Project\"). Galileo's ability to spend the ZAR10million is conditional on it procuring the necessary funding.\n \nHighlights:\n \n· Parties to the Agreement complete and confirm their respective due diligences \n \n· Galileo to earn-in a 51% beneficial interest in the Project, by way of 51% beneficial shareholding in SHIP, on expenditure of ZAR10million (approximately GBP500 000) over 14 months on exploration and development \n \n· Post earning-in the 51% beneficial shareholding in SHIP, Galileo at its election has the option to incorporate a joint venture company (the \"JV\") to own, manage and operate the Project, which JV will acquire any and all the Project related assets and liabilities from the Parties. Upon incorporation of the JV, Galileo will hold a 51% beneficial shareholding and SH a 49% beneficial shareholding in the JV \n \n· Should Galileo elect to continue with exploration and development of the Project in the JV, Galileo can acquire a further 29% beneficial shareholding in the JV, in aggregate 80% of the JV by ...