Business
Placing and TVR
Placing and TVR.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 3048A\n Galileo Resources PLC\n 01 June 2021\n \n \n \n Galileo Resources PLC\n1 June 2021\n Galileo Resources Plc\n (\"Galileo\" or \"the Company\")\n \n Placing and TVR\n \n Galileo Resources Plc is pleased to announce that the Company has agreed in conjunction with its brokers, a placing with retail investors (\"the Placees\") of 133,666,664 ordinary shares of 0.1p each (\"Placing Shares\") at a price of 1.50p (\"Placing Price\") per Placing Share to raise approximately £2,000,000 before expenses (\"Placing\"). The Placing Price is at a discount of approximately 10.71% compared to the closing mid-market price of 1.68p on Friday 28th May 2021. In completing the Placing, the Board has utilised share authorities approved by shareholders at the last Annual General Meeting.\n \n The net proceeds from the Placing will be principally utilised by the Company to fund the next stage of exploration development on its copper/silver licences in the Kalahari Copper Belt of Botswana (\"the Kalahari Licences\"), including any expenditure required to keep nine of the twenty-four Kalahari Licences which remain subject to the conditional sale agreement with Sandfire Resources Limited as announced on 26 January 2021, in good standing until the transaction has been completed. The remainder of the funds will be utilised by the Company in progressing the Company's Kashitu project situated in Kabwe, Zambia including drilling which is expected to be undertaken in July this year and to provide the Company with additional working capital for ongoing corporate costs and to assess new business opportunities as they arise.\n \n \n Colin Bird CEO says:\" The net proceeds from the placing will be used to intensify the drilling programme in the Kalahari Copper Belt of Botswana and do all necessary to keep the licences in good standing. We are currently evaluating the Kashitu Zinc project near Kabwe in Zambia and intend to commence drilling in July this year. We continue to evaluate new business opportunities which are advanced, good value and are able to benefit from the improving price fortunes of a number of metals.\"\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 p...