Business
Placing and Notice of GM
Placing and Notice of GM.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 4549O\n Galileo Resources PLC\n 01 June 2020\n \n \n \n Galileo Resources PLC 1 June 2020\n Galileo Resources Plc\n (\"Galileo\" or \"the Company\")\n \n Placing and\n Notice of General Meeting\n \n Galileo Resources Plc is pleased to announce that the Company has agreed in conjunction with its brokers, a placing with institutional and retail investors (\"the Placees\") of 112,500,000 ordinary shares of 0.1p each (\"Placing Shares\") at a price of 0.80p (\"Placing Price\") per Placing Share to raise £900,000 before expenses (\"Placing\"). The Placing consists of 54,562,500 new Ordinary Shares (\"Firm Placing Shares\") to be allotted and issued immediately (\"Firm Placing\") and 57,937,500 new Ordinary Shares (\"Conditional Placing Shares\") to be allotted and issued subject to shareholder approval (\"Conditional Placing\") at a general meeting (\"General Meeting\"). The Placing Price is at a discount of approximately 14% compared to the closing mid-market price of 0.93p on Friday 29 May 2020.\n \n The Company intends to use the proceeds of the Placing for general working capital towards exploration on its newly acquired copper-nickel-platinum group metals licences in the Kalahari Copper Belt of Botswana (the Kalahari Licences) and progressing its Star Zinc and Kashitu projects (the Projects) in Zambia, including, for the former, an application and related environmental activities for a small-scale mining permit.\n \n Colin Bird CEO says: \" This equity placing will allow the Company to complete its various applications for its Star Zinc project, commence exploration at Kashitu and initiate an aggressive programme of exploration for its highly prospective new acquisition in the Kalahari copper belt. We look forward to progressing with the aforementioned works and keeping the market informed on our progress on a regular basis.\"\n \n \n \n Pursuant to the Placing, each Placee will also be issued one warrant for every two Placing Shares to subscribe (\"Placing Warrants\") for Ordinary Shares at an exercise price of 1.25p per share. In connection with the Placing, the Company has also issued 5,625,000 warrants to its brokers (\"Broker Warrants\"), to subscribe for Ordinary Shares at the Placing Price. The Warrants and the Broker Warrants will also be issued subject to s...