Business
Issue of Equity, Directors' Dealings and TVR
Issue of Equity, Directors' Dealings and TVR.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \nRNS Number : 6720Q Galileo Resources PLC 01 March 2016 \n\n \n \n \nFor immediate release\n \n1 March 2016\nGalileo Resources Plc\n(\"Galileo\" or \"the Company\")\nIssue of Equity, Directors' Dealings and TVR\n \nGalileo (AIM: GLR), the exploration and development mining company, announces that the Company's broker, Beaufort Securities, has today completed a placing of 37,500,000 new ordinary shares 0.1p each (the \"Ordinary Shares\") (the \"Placing Shares\") at a placing price of 1p per Placing Share (the \"Placing Price\") to raise £375,000 before expenses (the \"Placing\"), subject to admission to trading on AIM\n \nAs part of the Placing, Colin Bird, the Company's Chairman, and Richard Wollenberg, the Company's Non-Executive Director, have respectively subscribed for 5,000,000 and 500,000 new ordinary shares each at the Placing Price. Accordingly, Colin Bird now holds 48,185,000 Ordinary Shares representing 24.87% of Galileo enlarged issued share capital and Richard Wollenberg holds 3,300,000 Ordinary Shares representing 1.70% of Galileo's enlarged issued share capital.\n \nThe Company intends to use the proceeds of the Placing to fund the deposit of ZAR 6 million (approximately £260,000) required under the terms of the Cooperation and Joint Venture Agreement the Company signed with Shirley Hayes and Shirley Hayes, ipk (Pty) Ltd, in respect of the 36,373 hectare Concordia copper property in the OKiep Copper District in the Namaqualand Complex in the Northern Cape Province of South Africa (the \"Concordia Project\"). This deposit will be used to fund exploration work on the Concordia Project, details of which were announced on 14 January 2016. \n \nThe Placing Shares will, when issued, rank pari passu in all respects with the existing Ordinary Shares. Application will be made for the Placing Shares to be admitted to trading on AIM and admission is expected to take place on or around 7 March 2016. \n \nFollowing the issue of the Placing Shares, the Company's issued share capital will consist of 193,752,721 Ordinary Shares, with voting rights. This figure may be used by shareholders in the Company as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change to their ...