Business
Proposed Acquisition of Copper Exploration Assets
Proposed Acquisition of Copper Exploration Assets.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n RNS Number : 3266M\n Galileo Resources PLC\n 07 May 2020\n \n \n \n \n \n \n \n For immediate release \n \n \n \n \n \n Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).\n \n \n 7 May 2020\n \n \n Galileo Resources Plc\n \n \n (\"Galileo\" or \"the Company\")\n \n \n Proposed Acquisition of Copper Exploration Assets in Botswana \n \n Highlights\n \n · Galileo agrees conditional Heads of Terms (\"Heads\") to acquire 100% of Botswana- incorporated Crocus-Serv (Pty) Ltd (Crocus) (the \"Acquisition\")\n \n · Crocus assets include 21 exploration prospecting licences (PLs) totalling 14,875 square kilometres; 19 PLs in the in the Kalahari Copper Belt (KCB) and 2 PLs in the Limpopo Mobile Belt (LMB) in western and north eastern Botswana respectively\n \n · The Heads are conditional on, amongst other matters Galileo completing satisfactory due diligence on Crocus and its assets, and contains a 30-day exclusivity period for such conditions to be satisfied\n \n · The consideration for the Acquisition comprises GBP163,020 of, in aggregate, 38,814,246 ordinary Galileo shares (\"Share Consideration\") - deemed at share price of GBP0.0042)- and GBP10,082 in cash\n \n · Exploration potential of the tenements predicated on the favourable geological settings along and proximal to strike of the Kalahari Copper and Limpopo Mobile Belts.\n \n · \n \n KCB \n \n is a key emerging trend in a stable and pro-mining jurisdiction\n . \n \n a\n \n \n \n · KCB includes several recent major copper discoveries and development projects including Cupric Canyon Capital's Zone 5 project (JORC reported 92Mt @2.1% Cu and 22g/t Ag) a Banana Zone (155Mt @0.85%Cu and 28g/t Ag) project b and ASX-listed Sandfire Ltd's T3 project (34Mt @1.0%Cu and 13.2g/tAg) c \n \n \n a \n \n \n www.khoemacau.com\n \n \n \n \n \n \n \n b\n \n \n \n \n \n Virgo Resources Ltd Geology and Resource Estimate October 2019\n \n \n \n c Sandfire ASX announcement 25 March 2019\n \n \n \n Galileo is pleased to announce that it has entered into an exclusive and binding conditional Heads of Agreement (HoA) with Botswana-incorporated Crocus-Serv (Pty) Ltd (\"Crocus\...