Business
Exploration Joint Venture, Placing & Retail Offer
Exploration Joint Venture, Placing & Retail Offer.
About this update from Geo Exploration Limited
[{"type":"text","content":"\n\n14 August 2024\n \nThe information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \nGlobal Petroleum Limited\n(\"Global\" or \"the Company\")\n \nMineral Licence Explorational Joint Venture Agreement, Consultancy Engagement, Placing and Retail Offer\n \nGlobal Petroleum Limited (LSE AIM: GBP) is pleased to announce the successful execution of key agreements for a Joint Venture with Callum Baxter for the advancement of a mineral exploration licence located in Western Australia. This acquisition aligns with Global's strategy to expand and diversify its portfolio across the mineral resources sector within high potential exploration regions with an aim to maximise shareholder value. \n \nCallum Baxter was Chief Technical Officer of Greatland Gold plc and was Chairman and CEO of Starvest plc. Callum was key geologist in the advancement and exploration of the Havieron Gold discovery in Western Australia, one of the largest high-grade gold discoveries in Australia over the last two decades. Callum is a member of the Australian Institute of Geoscientists and the Australasian Institute of Mining and Metallurgy.\n \nThe acquisition consideration will be funded through a placing of new ordinary shares in Global (\"Shares\") raising £600,000 (\"Placing\") and a retail offer to existing shareholders (\"Retail Offer\") (together the \"Capital Raising\") at an issue price of 0.065p each.\n \nJoint Venture Agreement\nGlobal has entered into a Joint Venture Agreement (\"JV\") with Callum Baxter, under which Global has acquired a significant interest in a mineral exploration licence (\"Licence\") located in Western Australia. The JV encompassed within Exploration Licence EL08/3497, is situated in a region recognized for its rich mineral deposits.\n \n· Global will acquire an initial 70% of the licence for consideration of £200,000. Upon completion of the sale of assets, Global's interest in the licence will be 70%, and Callum Baxter's 30%.\n· Global ha...