Business
Glenover Assets Sale Update
Glenover Assets Sale Update.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5732G\n Galileo Resources PLC\n 30 March 2022\n \n \n \n \n \n \n \n For immediate release \n \n \n \n \n \n 30 March 2022\n \n \n Galileo Resources Plc\n \n \n \n (\"Galileo\" or \"the Company\"\n \n )\n \n \n Glenover Assets Sale Update\n \n \n \n \n \n Galileo Resources plc (\"Galileo \"or the \"Company\") further to its announcements on 9 December 2021 and 11 February 2022 is pleased to provide an update regarding the Glenover Asset sale between Glenover Proprietary Limited (\"Glenover\") and JSE Limited listed Afrimat Limited. Capitalised terms defined in these previous announcements have the same meaning in this announcement unless indicated to the contrary.\n \n \n \n \n \n Highlights:\n \n \n \n \n \n · \n The Company has received confirmation that all conditions for Afrimat Limited to acquire the Vermiculite Mining Right from Glenover have been met and that Glenover has elected for the Vermiculite Mining Right Consideration to be paid in cash, of which ZAR10M (approx. £523K) is due to the Company\n \n \n \n \n \n \n \n \n \n Colin Bird Chairman & CEO said:\n \n \"\n I am pleased that the Company has received confirmation that all conditions to acquire the Vermiculate Mining Right have been met and £523K is now due to the Company. This is a further favourable step in the progressive sale of the Glenover Asset. The funds will be employed in releasing value from our lithium project in Zimbabwe and Copper-Gold projects in Southern Africa\". \n \n \n \n \n \n \n \n \n \n Glenover Sale\n \n \n \n \n \n \n \n As previously announced the Company has a 29% direct and 4.99% indirect investment in Glenover held via Galagen Proprietary Limited who are Glenover's BEE partner and is potentially due a further ZAR102M (approx. £5.33M) being its portion of the share sale proceeds due under the Glenover Share Sale Agreement (the \"Sale Shares Consideration\") which is conditional on Afrimat by 15 June 2022 or, if an extension has been granted by 10 November 2022 exercising their option to acquire the Glenover Shares.\n \n \n \n \n \n The Sale Shares Consideration will be settled in a combination of cash and Afrimat shares;\n \n \n \n \n \n · \n 50% of the Sale Shares Consideration shall, at the election of Afrimat, be split be...