Galileo Resources PLC Placing (4095W)
April 17 2019 - 2:00AM
UK Regulatory
TIDMGLR
RNS Number : 4095W
Galileo Resources PLC
17 April 2019
17 April 2019
Galileo Resources Plc
("Galileo" or "the Company")
Placing
Galileo Resources Plc is pleased to announce the Company has
today completed, in conjunction with Shard Capital Partners LLP
("Shard") , a placing with institutional and retail investors of
100,000,000 new ordinary shares ("Placing Shares") of 0.1p each
(the "Ordinary Shares") at a placing price of 0.50 p (the "Placing
Price") per Placing Share to raise GBP500,000, before expenses (the
"Placing"), subject to admission to trading on AIM ("Admission").
The Placing Price is at a discount of approximately 13.8% compared
to the closing mid-market price of 0.58p yesterday. The Company
intends to use the proceeds of the Placing for general working
capital and towards advancing its Star Zinc project ("Project") in
Zambia, including producing an independent ore resource estimate,
block modelling/preliminary pit design, and application for a
small-scale mining permit.
Colin Bird, Chairman of Galileo Resources, said, "Following the
positive drill results and significant conceptual grade tonnage
estimate for Star Zinc, announced on 14 November 2018, the Company
has completed a placing to enable it to do all things necessary, as
outlined above, to advance and add further value to what is
undoubtedly a significant Project with potential for early
production. The directors believe that the potential ore at Star
Zinc lends itself to a simple trucking operation for parties
looking to enhance their feedstock with high grade zinc ore and
early- stage discussions have started with potential off-take
partners."
In connection with the Placing, the Company has granted Warrants
to Shard to subscribe for 3,000,000 Ordinary Shares at an exercise
price of 0.75p per share. The Warrants may be exercised at any time
in the period expiring on the second anniversary of Admission of
the Placing Shares.
As part of the Placing, Colin Bird, the Company's Chairman, and
Richard Wollenberg, the Company's Non-Executive Director, have
respectively subscribed for 6,000,000 and 600,000 Placing Shares.
Accordingly, Colin Bird will hold 55,435,000 Ordinary Shares
representing 13.70% of Galileo's enlarged issued share capital and
Richard Wollenberg will hold 6,721,341 Ordinary Shares representing
1.66% of Galileo's enlarged issued share capital following the
Placing.
The Placing Shares will, when issued, rank pari passu in all
respects with the existing Ordinary Shares. Application will be
made for the Placing Shares to be admitted to trading on AIM and
admission is expected to take place on or around 2 May 2019.
Following the issue of the Placing Shares, the Company's issued
share capital will total 404,596,562 Ordinary Shares, with voting
rights. Shareholders in the Company may use this figure as the
denominator for the calculation, by which they would determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the Financial
Conduct Authority's Disclosure and Transparency Rules.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014. You can also follow
Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources
PLC
Colin Bird, Chairman Tel +44 (0) 20 7581
Andrew Sarosi, Executive Director 4477
Tel +44 (0) 1752
221937
Beaumont Cornish Limited - Nomad Tel +44 (0) 20 7628
Roland Cornish/James Biddle 3396
Novum Securities Limited - Broker Tel +44 (0) 20 7399
Colin Rowbury/Jon Belliss 9400
Shard Capital Partners LLP - Broker Tel +44 (0) 207
to the Placing 186 9952
Damon Heath
This information is provided by RNS
The company news service from the London Stock Exchange
The following information relating to the transaction has been
filed with the FCA in accordance with Article 19(1) of the Market
Abuse Regulation,
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Colin Bird
---------------------------------------- -----------------------------------------
2 Reason for notification
-----------------------------------------------------------------------------------
a) Position / status Chairman
---------------------------------------- -----------------------------------------
b) Initial notification Initial
/Amendment
---------------------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform,
auctioneer
or auction monitor
-----------------------------------------------------------------------------------
a) Name Galileo Resources plc
---------------------------------------- -----------------------------------------
b) LEI 213800KSRIVLX7BJSP45
---------------------------------------- -----------------------------------------
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii)
each type of transaction; (iii) each date; and (iv) each place where transactions
have been
conducted
-----------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 0.1 pence each in
instrument, type of instrument Galileo Resources plc
Identification code ISIN GB00B115T142
---------------------------------------- -----------------------------------------
Nature of the transaction Purchase of new ordinary shares as
described above
---------------------------------------- -----------------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
0.50 pence 6,000,000
-----------
---------------------------------------- -----------------------------------------
d) Aggregated information n/a
---------------------------------------- -----------------------------------------
e) Date of the transaction 2 May 2019
---------------------------------------- -----------------------------------------
f) Place of the transaction Off market
---------------------------------------- -----------------------------------------
Richard Wollenberg 1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Richard Wollenberg
---------------------------- -------------------------------------
2 Reason for notification
-------------------------------------------------------------------
a) Position / status Non-Executive Director
---------------------------- -------------------------------------
b) Initial notification Initial
/Amendment
---------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Galileo Resources plc
---------------------------- -------------------------------------
b) LEI 213800KSRIVLX7BJSP45
---------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
-------------------------------------------------------------------
a) Description of Ordinary shares of 0.1 pence each in
the financial instrument, Galileo Resources plc
type of instrument ISIN GB00B115T142
Identification
code
---------------------------- -------------------------------------
Nature of the transaction Purchase of new ordinary shares as
described above
---------------------------- -------------------------------------
c) Price(s) and volumes(s) Price(s) Volumes(s)
0.50 pence 600,000
-----------
---------------------------- -------------------------------------
d) Aggregated information n/a
---------------------------- -------------------------------------
e) Date of the transaction 2 May 2019
---------------------------- -------------------------------------
f) Place of the transaction Off market
---------------------------- -------------------------------------
END
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOELLFIDSFIRLIA
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