Business
Working Capital Facility, Issue of Equity & TVR
Galileo Resources Plc has secured a £600,000 unsecured, interest-free convertible loan facility with Sanderson Capital Partners Ltd, structured in three £200,000 tranches, convertible at 1.00 pence per share, a 22.5% premium to the previous day's closing price. The company has the option, but not the obligation, to draw down funds for working capital, with a 5% fee payable on each drawdown, settled in cash or shares at VWAP. The lender also receives an initial 7% arrangement fee, settled by issuing 5,419,355 shares at 0.775 pence each, and three-year warrants exercisable at 1.25 pence per share upon drawdown. The lender has agreed not to short sell the company's shares for six months post the final tranche drawdown or until loan repayment. Disclaimer*
About this update from Galileo Resources Plc
11 May 2026 RNS Number: 7981D Galileo Resources Plc ("Galileo" or the "Company") Working Capital Facility Issue of Equity & TVR Galileo Resources Plc is pleased to announce is pleased to announce that the Company has entered into an unsecured convertible loan funding facility (the "Facility") for £600,000 with Sanderson Capital Partners Ltd (the Lender"), which is convertible on fixed conversion terms at a price of 1.00 pence per share over three tranches (a premium of 22.5% compared with the closing mid-market price on 8 May 2025). The Facility is a standby facility providing additional working capital for the Company. The Company can use the Facility, at its discretion, to fund the working capital requirements of the Company and its subsidiaries as determined by the Company but is not required to drawdown under the Facility. Colin Bird Chairman & CEO said:" The board of Galileo has put in place a working capital facility with no compulsion to draw down but remains in place for contingencies. The board is mindful of the negative effects of large placings and dilution and feel that the instrument is the correct type in light of the progress potential of the Company's current portfolio". Working Capital Facility Agreement Galileo has entered into an agreement with the Lender for a facility of £600,000. The Facility is unsecured, interest free and can be drawn down in three tranches as follows · £200,000 to be drawn down from 18 May 2026 or within 6 months of 18 May 2026 ("Loan Tranche 1"); · £200,000 to be drawn down from 30 July 2026 or within 6 months of 30 July 2026 ("Loan Tranche 2"); and · £200,000 to be drawn down from 15 October 2026 or within 6 months of 15 October 2026 ("Loan Tranche 3"). On the drawdown of any Loan Tranche, the Lender shall be paid a fee of 5% of the amount of the relevant Loan Tranche which is to be settled in either cash or the issue of Shares credited as fully paid at the Five Day VWAP on the date of the relevant Loan Drawdown Notice, such Shares to be issued and admitted to trading on AIM within 7 days of the date of the date of the relevant Loan Drawdown Notice or on or before 30 September 2026. The Company will provide a Loan drawdown notice if and when it requires a drawdown. The Comp...
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