TIDMGLR
RNS Number : 2659C
Galileo Resources PLC
16 October 2020
For immediate release
Dissemination of a Regulatory Announcement that contains inside
information according to REGULATION (EU) No 596/2014 (MAR).
16 October 2020
Galileo Resources Plc
("Galileo" or "the Company")
Completion of Acquisition of 100% of
Africibum Co Pty Ltd's interest in its North East Kalahari
Copper Belt project, Botswana
Galileo (AIM:GLR), the exploration and development mining
company, is pleased, further to its announcement on 15 September
2020, to announce the completion on 15 October 2020 (the
"Completion Date") of the acquisition of 100% of Africibum Co Pty
Ltd ("Africibum") and its interests in the North East Kalahari
Copper Belt project in Botswana (the "Acquisition").
North East Kalahari Copper Belt Project Acquisition: The Company
has acquired 100% of Africibum Co (Pty) Ltd, incorporated in
Botswana (Company number 1828747) ("Africibum") and its 100%
interest in five prospecting licences PL366/2018, PL367/2018,
PL368/2018, PL122/2020, PL123/2020 and two mining tenement
applications in Botswana (the "North East Kalahari Copper Belt
Project").
Colin Bird, Executive Chairman and CEO of Galileo,
commented:
"I am very pleased that we have completed the acquisition of
Africibum whose licences lie in an area of high prospectivity in
the Kalahari Copper Belt. The licence area is 15 km from the Boseto
Copper Project and generally on trend with other known discoveries
in the area. With drill holes assaying >1% Cu the project has
already advanced beyond the conceptual stage, and it is the
intention to test for an extension of the open strike on one
licence and update the geophysics on another licence.
The Acquisition completes the Company's Kalahari Copper Belt
portfolio and we look forward to exploration in our expanded
footprint in the Belt which is part of the Northwest Botswana Rift
which the USGS in 2015 reported as the world's most prospective
area for yet-to-be discovered sediment hosted copper deposits"
[1]
Consideration payable: The consideration payable by Galileo at
Completion of the Acquisition is a total of a) 42,000,000 fully
paid ordinary shares in the Company ("Galileo Shares") comprising
i) 35,000,000 Galileo Shares to be issued to Africibum's ordinary
shareholders (the "Sellers ("Ordinary Share Consideration"), and
ii) 7,000,000 Galileo Shares to be issued to one of the Sellers in
relation to the reimbursement of costs incurred by Africibum to
date ("Reimbursement Share Consideration") at the same price ;and
b) 10,000,000 warrants, with an expiry date two years from the
Completion Date of the Acquisition, to acquire Galileo Shares at an
exercise price of 2 pence per share which is a an approximate 190 %
premium to 0.691 pence being the mid-market closing share price of
Galileo Shares on 15 October 2020 ("Warrant Consideration"). Based
on the closing price of 0.691 pence on 15 October 2020 the current
aggregate market value of the Ordinary Share and Reimbursement
Share Consideration is GBP 290, 220 . The Sellers are a number of
number of parties including M & A Wealth (Pty) Ltd and entities
of which Christian Cordier is a director, as further detailed
below.
Application to trading on AIM : Application will be made to the
London Stock Exchange for a total of 42,000,000 new Galileo Shares
to be admitted to trading on AIM being the Ordinary Share
Consideration and the Reimbursement Share Consideration which rank
pari passu to the existing ordinary shares in the Company . It is
expected that Admission will become effective and that dealings in
the new Galileo Shares will commence at 8.00 a.m. on 22 October
2020.
Total Voting Rights after Share Issue : Following the issue of
the Ordinary Share Consideration and the Reimbursement Share
Consideration, the Company's total issued share capital will
consist of Ordinary Shares with voting rights. The Company does not
hold any Ordinary Shares in treasury and accordingly there are no
voting rights in respect of any treasury shares.
On Admission, the abovementioned figure of 816,776,193 Ordinary
Shares (the "Enlarged Share Capital") may be used by shareholders
in the Company as the denominator for the calculations by which
they will determine if they are required to notify their interest
in, or a change to their interest in, Galileo under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Significant Shareholder Notifications:
M & A Wealth (Pty) Ltd currently owns 20,778,618 Galileo
Shares and it will receive 11, 666, 666 Galileo Shares as part of
the Ordinary Share Consideration and will on Admission own
32,445,284 Galileo Shares representing 3.97% of the Enlarged Share
Capital.
Tonehill Pty Ltd currently owns 17,011,128 Galileo Shares and it
will receive 4, 666, 666 Galileo Shares as part of the Ordinary
Share Consideration. Coreks Super Pty Ltd will receive 3 ,500,000
Galileo Shares as part of the Ordinary Share Consideration and
Breamline Pty Ltd will receive 3 500 000 Galileo Shares as part of
the Ordinary Share Consideration. Tonehill Pty Ltd, Coreks Super
Pty Ltd and Breamline Pty Ltd are all Corporate Trustee companies
and Christian Cordier is a director of each of the Companies. The
total aggregate shareholding of these three companies at Admission
will be 28,677,794 Galileo Shares representing 3.51% of the
Enlarged Share Capital
Lock up and Orderly Market: The Ordinary Share Consideration
(but not the Reimbursement Share Consideration) will be held under
voluntary escrow restriction periods as follows:
1) Fifteen percent (15%) of the Ordinary Share Consideration will be freely tradeable
upon issue as at the Completion Date;
2) Fifteen percent (15%) of the Ordinary Share Consideration will be escrowed
voluntarily for a period of three (3) months from the Completion
Date;
3) Thirty-five percent (35%) of the Ordinary Share Consideration will be escrowed
voluntarily for a period of six (6) months from the Completion
Date; and
4) Thirty-five (35%) of the Ordinary Share Consideration will be escrowed voluntarily
for a period of nine (9) months from the Completion Date.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources
PLC
Colin Bird, Chairman Tel +44 (0) 20 7581
Ed Slowey, Executive Director 4477
Tel +353 (1) 601 4466
Beaumont Cornish Limited - Nomad Tel +44 (0) 20 7628
Roland Cornish/James Biddle 3396
------------------------
Novum Securities Limited - Joint
Broker
Colin Rowbury /Jon Belliss +44 (0) 20 7399 9400
------------------------
Shard Capital Partners LLP - Tel +44 (0) 20 7186
Joint Broker 9952
Damon Heath
------------------------
[1] USGS Scientific Investigations Report 2010-5090 - titled
"Qualitative Assessment of Selected Areas of the World for
Undiscovered Sediment-Hosted Stratabound Copper Deposits
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.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
ACQDZMMGNKLGGZM
(END) Dow Jones Newswires
October 16, 2020 02:00 ET (06:00 GMT)
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Jul 2024 to Jul 2024
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Jul 2023 to Jul 2024