Business
Update on sale of Kalahari Copper Belt Licences
Update on sale of Kalahari Copper Belt Licences.
About this update from Galileo Resources Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 9074L\n Galileo Resources PLC\n 16 September 2021\n \n \n \n \n \n \n \n \n This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018 (\"MAR\"), and is disclosed in accordance with the \n \n \n C\n \n \n ompany's obligations under Article 17 of MAR.\n \n \n \n \n \n \n For immediate release \n \n \n \n \n \n 16 September 2021\n \n Galileo Resources Plc\n (\"Galileo\" or \"the Company\")\n \n \n \n \n Update on Sale of Kalahari Copper Belt Licences \n \n \n to Sandfire Resources Ltd (\"Sandfire\")\n \n \n \n \n \n Galileo Resources plc (\"Galileo\" or the \"Company\") further to its announcements on 26 January 2021, 2 August 2021 and 1 September 2021 announces that all the conditions precedent have been met in relation to its conditional licence sale agreement with ASX listed Sandfire Resources Limited ( ASX:SFR) (\"Sandfire\") entered into on 22 January 2021 and varied on 30 July 2021 and 1 September 2021 (the \"Licence Sale Agreement\"). \n Unless indicated to the contrary defined terms in Galileo's announcement dated 26 January 2021 in relation to the Licence Sale Agreement have the same meaning.\n \n \n \n \n \n \n Completion:\n \n Completion of the Licence Sale Agreement is anticipated to occur on or around 22 September 2021. Sandfire will:\n \n \n \n \n \n 1) at Completion pay to the group US$1.5M in cash for the 9 Kalahari Copper Belt licences being sold (the \"Included Licences\") ; and\n \n \n 2) following Completion issue 370,477 Sandfire ordinary shares to the Company with a current market value A$2.43M (approx. US$1.79M) based on the closing Sandfire share price of A$6.55 per Sandfire share on 14 September 2021 (being the last trading date before the date of this announcement) for a right of first refusal in relation to the 13 Kalahari Copper Belt licences retained by the Company (the \"Excluded Licences\"). \n \n \n \n \n \n Colin Bird Chairman & CEO commented:\n \n \n \n \n \n \n \"\n \n \n The completion of this transaction with Sandfire represents a major step forward for Galileo in its Kalahari Copper Belt endeavours. \n \n \n \n \n \n \n \n We a...