TIDMGLR
RNS Number : 3962N
Galileo Resources PLC
29 January 2021
Galileo Resources PLC
("Galileo" or "the Company" or "the Group")
Unaudited interim results for the six months ended 30 September
2020
Galileo (AIM: GLR) , the exploration and development mining
company, announces its unaudited interim results for the six-month
period ended 30 September 2020. A copy of the interim results is
available on the Company's website, www.galileoresources.com .
Operational Highlights
BOTSWANA
Acquisition of Exploration Assets in Botswana
Period under review
-- Galileo acquired 100% of Botswana-incorporated Crocus-Serv
(Pty) Ltd ("Crocus"), whose assets comprise of 21 copper and
nickel-PGE (Platinum Group Elements) exploration Prospecting
Licences ("PLs") in the highly prospective Kalahari Copper Belt
("KCB") and the Limpopo Mobile Belt ("LMB") in western and eastern
Botswana respectively. The consideration of GBP163,020 for the
acquisition comprised the issue of a total 38,814,246 new Galileo
ordinary shares of 0.1p at 0.42p each and a separate cash payment
of GBP10,828.
-- The Company commenced development of an exploration programme for the KCB properties.
-- The Company's subsidiary, Crocus, submitted, in terms of the
Botswana Environmental Assessment Act (2011), a draft Environmental
Management Plan ("EMP") for the KCB project to the Department of
Environmental Affairs ("DEA") Botswana for review.
Post the period under review
-- Galileo undertook a heliborne-EM geophysical surveying over
several licences in its highly prospective Kalahari Copper Belt
Project, specifically PL250/2018, PL251/2018, PL39/2018 and
PL40/2018. Preliminary overview of the results is considered very
promising, with the EM data interpreted to show several highly
prospective geological settings for copper-silver mineralisation.
Detailed data interpretation is under way, utilising Spectral
Geophysics, a consultancy that was involved in the discovery of the
A4 Dome deposit (targeted from EM data) and the Company will
announce these conclusions once known. The most prospective EM
targets will be selected for early drill testing.
-- On 16 October 2020, Galileo completed (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 Company 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").
-- The Africibum licences include the Quirinus copper-silver
prospect with historic shallow drill intercepts in a three- hole RC
drilling programme which include 4m @ 1.7% Cu, 13g/t Ag and 6m @
0.9% Cu, 14g/t Ag. The intercepts occur within a series of
copper-in-soil anomalies that extend for 13.4km in total, much of
it untested.
-- The Quirinus prospect lies within 15km of major copper-silver
discoveries, part of Cupric Canyon Capital's Khoemacau Project.
-- On 25 January 2021 Galileo entered into two legally binding
agreements with ASX listed Sandfire Resources Limited (ASX: SFR)
("Sandfire"). The first agreement being a conditional licence sale
agreement (the "Licence Sale Agreement") and the second a share
subscription agreement (the "Share Subscription Agreement"). The
Licence Sale Agreement provides for the sale of 9 of the Company's
Kalahari Copper Belt Licences (the "Included Licences") which the
Company acquired in May and October 2020. Sandfire will pay an
aggregate consideration of US$3 million payable on the Settlement
Date of which US$1.5 million will be paid in cash and US$1.5
million by the issue of 370,477 Sandfire ordinary shares to the
Company at an issue price of A$5.227 per share, being the VWAP of
the Sandfire share price for the 10 trading days prior to the date
of signing the Licence Sale Agreement. Under the terms of the
agreements Sandfire committed to spend US$4 million on the Included
Licences within two years of settlement and if the US$4 million is
not spent, any shortfall will be paid to the Company. (Sandfire
will have a first right of refusal in relation to the acquisition
of the 15 Kalahari Copper Belt Licences being retained by the
Company (the "Excluded Licences") ("ROFR: Excluded Licences").
Settlement is conditional upon:
o The parties having executed the Share Subscription
Agreement;
o Ministerial consent for the transfer of the Included Licences
by the Botswana Minister of the Ministry of Minerals, Energy and
Water Resources ("Ministerial Consent");
o ASX and AIM regulatory approvals;
o Approval of the acquisition of the Included Licences by the
Competition Authority of Botswana (or confirmation from such
authority or from either party's Botswana legal counsel that such
approval is not required) ("Competition Approval");
o Duly executed transfers of the Included Licences in the form
required by the Mining Act under which a 100% interest in the
Included Licences may be transferred.
I f the Ministerial Consent and / or the Competition Approval is
not granted by the Long Stop Date (31 July 2021 or such later date
agreed by the parties) the agreement shall automatically terminate
and cease to have effect and no Party shall have any obligation or
liability to any other Party.
ZAMBIA
Star Zinc & Kashitu
Period under review
-- Galileo agreed an arrangement ("Arrangement") with BMR to
assume the rights to BMR's Mauritian subsidiary, Enviro Mining
Limited and its wholly-owned Zambian subsidiaries, which include,
amongst other things the title to the licences for Star Zinc and
Kashitu (zinc willemite) Projects. The Arrangement, which is
subject to Zambian Ministry approval, is for nil consideration
since the Company has earned-in its 95% right to the two projects.
Galileo has decided to cease seeking Ministry approval and
therefore will no longer be assuming the rights from BMR.
Post the period under review
-- On 25 November 2020 Galileo announced that it had signed a
Marketing Agreement with Zopco S.A. ("ZopCo") in relation to the
potential sale of zinc willemite ore from the group's 95% owned
Star Zinc project. Zopco is a Geneva based independent trading
company focused on non-ferrous metals and concentrates.
SOUTH AFRICA
Glenover Phosphate Project ("Glenover")
Period under review
-- Glenover continued to progress Department of Mineral
Resources approval of its application for a mining right, for which
the only outstanding matter remains a Record of Decision ("RoD")
from the Department of Water and Sanitation ("DWS") on the proposed
Tailings Storage Facility ("TSF") design.
-- Glenover continued to identify potential investors in the
Glenover project and initiated preliminary discussions, which are
ongoing.
Post the period under review
-- The final TSF design report was completed by Golder
Associates (Pty) Ltd in November 2020 and has been submitted to the
DWS for its RoD, with a decision expected during Q1 2021.
FUNDRAISING
Period under review
-- In June 2020, the Company raised GBP900,000 before expenses
(1 June 2020: AIM - RNS number 45490) by way of a placing of
112,500,000 Galileo ordinary 0.1p shares at a 14% discounted price
of 0.8p per share. The Company intended to use the proceeds of the
placing for general working capital towards exploration on the 15
Kalahari Copper Belt Licences in Botswana being retained by the
Company under the Licence Sale Agreement and progressing its two
Zambian zinc projects.
Post the period under review
-- On 25 January 2021, the Company entered into a Share
Subscription Agreement with Sandfire who agreed to subscribe for
41,100,124 ordinary shares of 0.1p in the Company ("Sandfire
Shares") at a price of 2.68p per share, being a 25% premium to the
10 day VWAP of the Company's share price as at 22 January 2021,
raising GBP1.1 million (US$1.5 million at current conversion
rates). The Sandfire Shares will be issued at a premium of 17% to
the closing mid-price of the Galileo Shares on 25 January 2021 of
2.30p and admitted for trading on AIM on or around 9 February 2021.
This will represent a 4.62% interest in Galileo.
For further information, please contact:
Colin Bird, Chairman & CEO Tel +44 (0) 20 7581 4477
Edward Slowey, Executive Tel +353 (1) 601 4466
Director
www.galileoresources.com
Beaumont Cornish Limited
Nominated Advisor
Roland Cornish/James Biddle Tel +44 (0)20 7628 3396
Novum Securities Limited
- Broker Tel +44 (0)20 7382 8416
Colin Rowbury/ Jon Belliss
Statement of Responsibility for the six months ended 30
September 2020
The directors are responsible for preparing the consolidated
interim financial statements for the six months ended 30 September
2020 and they acknowledge, to the best of their knowledge and
belief, that:
-- the consolidated interim financial statements for the six
months ended 30 September 2020 have been prepared in accordance
with IAS 34 - Interim Financial Reporting, as adopted by the
EU;
-- based on the information and explanations given by
management, the system of internal control provides reasonable
assurance that the financial records may be relied on for the
preparation of the consolidated interim financial statements.
However, any system of internal financial control can provide only
reasonable, and not absolute, assurance against material
misstatement or loss;
-- the going concern basis has been adopted in preparing the
consolidated interim financial statements and the directors of
Galileo have no reason to believe that the Group will not be a
going concern in the foreseeable future, based on forecasts and
available cash resources;
-- these consolidated interim financial statements support the viability of the Company; and
-- having reviewed the Group's financial position at the balance
sheet date and for the period ending on the anniversary of the date
of approval of these financial statements they are satisfied that
the Group has, or has access to, adequate resources to continue in
operational existence for the foreseeable future.
Colin Bird Chairman and Chief Executive Officer
29 January 2021
CONSOLIDATED STATEMENT OF FINANCIAL Six months Six months Year
POSITION ended ended ended
30 September 30 September 31 March
2020 2019 2020
(Unaudited) (Unaudited) (Audited)
GBPs GBPs GBPs
ASSETS
Intangible assets 3,610,194 3,268,814 3,348,019
Investment in joint ventures 1,867,227 2,185,144 1,834,710
Loans to joint ventures and
associates 339,420 448,388 291,442
Other financial assets 351,881 408,885 344,523
----------------- --------------- -------------
Non-current assets 6,168,722 6,311,231 5,818,694
----------------- --------------- -------------
Trade and other receivables 5,452 56,077 2,228
Cash and cash equivalents 1,054,247 135,506 356,485
----------------- --------------- -------------
Current assets 1,059,699 191,583 358,713
----------------- --------------- -------------
Total Assets 7,228,421 6,502,814 6,177,407
----------------- --------------- -------------
EQUITY AND LIABILITIES
Share capital and share premium 27,774,345 26,073,551 26,469,319
Reserves 749,594 599,753 621,131
Accumulated loss (21,589,733) (20,774,084) (21,222,788)
----------------- --------------- -------------
Equity 6,934,206 5,899,220 5,867,662
----------------- --------------- -------------
Liabilities
Other financial liabilities 5 4,078 5
Non-current liabilities 5 4,078 5
----------------- --------------- -------------
Trade and other payables 294,210 599,516 309,740
----------------- --------------- -------------
Total liabilities 294,215 603,594 309,745
----------------- --------------- -------------
Total Equity and liabilities 7,228,421 6,502,814 6,177,407
----------------- --------------- -------------
Joel Silberstein
29 January 2021
Company number: 05679987
CONSOLIDATED STATEMENT OF
COMPREHENSIVE Six months Six months Year
INCOME FOR THE SIX MONTHSED ended ended ended
30 SEPTEMBER 2020 30 September 30 September 31 March
2020 2019 2020
(Unaudited) (Unaudited) (Audited)
GBPs GBPs GBPs
Revenue - - -
Operating expenses (360,390) (189,189) (630,384)
--------------------- --------------- ---------------------------
Operating loss (360,390) (189,189) (630,384)
Investment revenue - 1 2
Share of loss from equity accounted
investments (6,555) (4,296) (11,806)
Loss for the period (366,945) (193,484) (642,188)
Other comprehensive loss:
Exchange differences on translating
foreign operations (119,646) 81,015 26,078
--------------------- --------------- ---------------------------
Total comprehensive loss (486,591) (112,469) (616,110)
--------------------- --------------- ---------------------------
Total comprehensive loss
attributable
to:
Owners of the parent (486,591) (112,469) (616,110)
Weighted average number of shares
in issue 600,066,170 353,542,063 484,524,276
Basic loss per share - pence (0.06) (0.03) (0.14)
STATEMENT OF CHANGES IN EQUITY as at 30 September 2020
Share Total Foreign Convertible Share Total Accumulated Total
Share share based reserves equity
-------- ------
Capital capital currency instruments payment loss
premium
-------- ------
Figures in Pound Sterling translation reserve
reserve
reserve
-------------------------------------------------------------------------------------------- ------- ----------- ----------- ------- -------- ----------- ------
Balance at 1
April 2019 5,915,231 19,525,088 25,440,319 (736,060) 1,047,821 149,793 461,554 (20,580,600) 5,321,273
Loss for the
year - - - - - - - (642 188) (642,188)
Other
comprehensive
income - - - 26 078 - - 26,078 - 26,078
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
Total
comprehensive
income for
the year - - - 26 078 - - 26,078 (642 188) (616,110)
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
Issue of
warrants - (133,499) (133,499) - - 133,499 133,499 - -
Issue of shares 253,215 909,284 1,162,499 - - - - - 1,162,499
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
Total
contributions
by and
distributions
to owners of
company
recognised
directly in -
equity 253,215 775,785 1,029,000 - - 133,499 133,499 - 1,295,998
Balance at 1
April 2020 6,168,446 20,300,873 26,469,319 (709 982) 1,047,821 283,292 621,131 (21 222 788) 5,867,662
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
Loss for the 6
months - - - - - - - (366 945) (366,945)
Other
comprehensive
income - - - (119 646) - - (119,646) - (119,646)
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
Total
comprehensive
income for
the 6 months - - - (119 646) - - (119,646) - (486,591)
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
Warrants issued - (150,544) (150,544) - - 150,544 150,544 - -
Warrants
exercised - 65,650 65,650 - - (65,650) (65,650) - -
Options granted - - - - - 163,215 163,215 - 163,215
Issue of shares 216,964 1,172,957 1,389,920 - -- - - - - 1,389,920
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
Total
contributions
by and
distributions
to owners of
company
recognised
directly in
equity 216,964 1,088,063 1,305,026 - - 248,109 248,109 - 1,553,135
Balance at 30
September 2020 6,385,410 21,388,936 27,774,345 (829,628) 1,047,821 531,401 749,594 - 6,934,206
------------ ----------- --------------------- -------------------- -------------------- ----------- ------------ ------------ -----------
CONSOLIDATED STATEMENT OF Six months Six months Year
CASH FLOW FOR THE SIX MONTHS ended ended endedED 30 SEPTEMBER 2020 30 September 30 September 31 March
2020 2019 2020
(Unaudited) (Unaudited) (Audited)
GBPs GBPs GBPs
Cash used in operations (315 552) (179 723) (331,288)
Interest income - 1 2
Net cash from operating activities (315 552) (179 722) (331,286)
-------------- -------------- ----------
Investment in intangible assets (167 738) (94 778) (290,232)
Increase in investment in - (54 602) -
joint ventures
Loans advanced (45 848) (4 384) (13,072)
Net cash from investing activities (213 586) (153 764 (303,304)
-------------- -------------- ----------
Proceeds on share issue 1 226 900 467 917 990,000
-------------- -------------- ----------
Net cash flows from financing
activities 1 226 900 467 917 990,000
Total cash movement for the
period 697 762 134 431 355,410
Cash at the beginning of the
period 356 485 1 075 1,075
-------------- -------------- ----------
Total cash at end of the period 1 054 247 135 506 356,485
-------------- -------------- ----------
Notes to the Financial Statements
1. Status of interim report
The Group unaudited condensed interim results for the 6 months
ended 30 September 2020 have been prepared using the accounting
policies applied by the Company in its 31 March 2020
annual report, which are in accordance with International
Financial Reporting Standards (IFRS and IFRC interpretations)
issued by the International Accounting Standards Board ("IASB") as
adopted for use in the EU ("IFRS"), including the SAICA financial
reporting guides as issued by the Accounting Practices Committee,
IAS 34 - Interim Financial Reporting, , the AIM rules of the London
Stock Exchange and the Companies Act 2006 (UK). This condensed
consolidated interim financial report does not include all notes of
the type normally included in an annual financial report.
Accordingly, this report is to be read in conjunction with the
annual report for the year ended 31 March 2020 and any public
announcements by Galileo Resources Plc. All monetary information is
presented in the presentation currency of the Company being Great
British Pound. The Group's principal accounting policies and
assumptions have been applied consistently over the current and
prior comparative financial period. The financial information for
the year ended 31 March 2020 contained in this interim report does
not constitute statutory accounts as defined by section 435 of the
Companies Act 2006. A copy of the statutory accounts for that year
has been delivered to the Registrar of Companies. The auditor's
report on those accounts was unqualified and did not contain a
statement under section 498(2)-(3) of the Companies Act 2006.
2. Basis of preparation
The consolidated annual financial statements incorporate the
annual financial statements of the Company and all entities,
including special purpose entities, which are controlled by the
Company. Control exists when the Company has the power to govern
the financial and operating policies of an entity to obtain
benefits from its activities. The results of subsidiaries are
included in the consolidated annual financial statements from the
effective date of acquisition to the effective date of disposal.
Adjustments are made when necessary to the annual financial
statements of subsidiaries to bring their accounting policies in
line with those of the Group.
All intra-group transactions, balances, income and expenses are
eliminated in full on consolidation. Non-controlling interests in
the net assets of consolidated subsidiaries are identified and
recognised separately from the Group's interest therein and are
recognised within equity. Losses of subsidiaries attributable to
non-controlling interests are allocated to the non-controlling
interest even if this results in a debit balance being recognised
for non-controlling interest. Transactions which result in changes
in ownership levels, where the Group has control of the subsidiary
both before and after the transaction, are regarded as equity
transactions and are recognised directly in the statement of
changes in equity. The difference between the fair value of
consideration paid or received and the movement in non-controlling
interest for such transactions is recognised in equity attributable
to the owners of the parent.
3. Segmental analysis
Business segments
The Company's investments in subsidiaries and associates, that
were operational during the period, operate in four geographical
locations being South Africa, Zambia, Botswana and USA, and are
organised into one business unit, namely Mineral Assets, from which
the Group's expenses are incurred and future revenues are expected
to be earned. This being the exploration for and extraction of its
mineral assets through direct and indirect holdings. The reporting
on these investments to the board focuses on the use of funds
towards the respective projects and the forecasted profit earnings
potential of the projects. An analysis of the loss on ordinary
activities before taxation is given below:
Six months Six months Year
ended 30 ended 30
September September ended
2020 2019 31 March
(Unaudited) (Unaudited) 2020
(Audited)
GBPs GBPs GBPs
Loss on ordinary activities
before taxation:
Rare earths, aggregates
and iron ore and manganese (6,555) (4,296) (11,806)
Gold, Copper - (191) (23,187)
Corporate costs (360,390) (188,997) (607,195)
(366,945) (193,484) (642,188)
------------- ------------- ------------
An analysis of the assets and liabilities of the geographical
segments as at 30 September 2020 are presented below:
Corporate Corporate Gold/Copper Zinc Copper
GBPs (UK) (RSA) (USA/RSA) Zambia Botswana Total
------------------- ---------------- ------------------ ---------------- -------- ---------------- ---------------
Non-current 2 320 1 705 1 608 6 168
Assets 237 568 960 271 231 296 691 721
Current 1 050 1 059
Assets 909 7 701 1 093 - - 702
Non-current
liabilities - (5) - - - (5)
Current
liabilities (275 186) (19 026) - - - (294 213)
---------------- ------------------ ---------------- --------
1 013 2 309 1 706 1 608 6 934
Net assets 288 629 364 231 296 691 206
---------------- ------------------ ---------------- -------- ---------------- ---------------
An analysis of the assets and liabilities of the geographical
segments as at 30 September 2019 are presented below:
Corporate Corporate Gold/Copper Zinc
GBPs (UK) (RSA) (USA/RSA) Zambia Total
------------------------------- ------------- ------------------ --------------- -------- ---------------
1 718 1 550 6 311
Non-current Assets 330 037 2 712 381 744 070 231
Current Assets 160 396 2,714 28 473 - 191 583
Non-current liabilities - (6) (4 072) - (4 078)
Current liabilities (240 181) (31 569) (327 766) - (599 516)
------------- ------------------ --------------- -------- ---------------
1 415 1 550 5 899
Net assets 250 252 2 680 806 379 070 220
------------- ------------------ --------------- -------- ---------------
An analysis of the assets and liabilities of the geographical segments
as at 31 March 2020 are presented below:
Corporate Corporate Gold/Copper Zinc
GBPs (UK) (RSA) (USA/RSA) Zambia Total
------------------- ------------- -------------------- ------------------ ----------- ------------------
Non-current 1 574
Assets 357 354 2 287 255 1 773 859 160 5 992 628
Current
Assets 422 341 2 405 28 102 - 455 848
Non-current
liabilities - (5) (4 047) - (4 052)
Current
liabilities (216 849) (34 137) (325 775) - (576 761)
1 574
Net assets 562 846 2 258 518 1 472 139 160 5 867 662
------------- -------------------- ------------------ ----------- ------------------
4. Financial review
The Group reported a net loss of GBP 366 945 (2019: GBP 193 484)
before and after taxation. Basic loss reported is 0.06 pence (2019:
0.03 pence) per share. Loss per share is based on a weighted
average number of ordinary shares of 600 066 170 (2019: 345 966 425
).
5. Share Capital
Six months Six months Year
Six months Six months Six months
ended ended ended
30 September 30 September 30 September
2020 2020 2020
ended ended ended
30 September 30 September 31 March
September
2020 2019 2020
(Unaudited) (Unaudited) (Audited)
GBPs GBPs GBPs
Authorise d sha re capital
Unlimi t e d o r dinary sha r es
of 0.01 pen ce (2019: 0.01) pen
c e)
I s sue d sha re capital
R epor t e d as at 1 April 557,811,947 304,596,562 304,596,562
Sha r e i s su es 216,964,246 128,215,385 253,215,385
============= ============= ===============
R epor t e d as at 30 September 774,776,193 432,811,947 557,811,947
============= ============= ===============
R e c oncili a tio n of sha re capital:
O r dinar y sha r es of 0.1p 774,776 432,812 557,812
5 ,61 0 ,63 5 ,61 0 ,63 5 ,61 0 ,63
D e f er r e d sha r es of 4.9p 4 4 4
Sha r e p r emium 21,323,286 20,030,105 20,300,873
============= ============= ===============
27,708,695 26,073,551 26,469,319
============= ============= ===============
During the period under review the Company issued new ordinary
shar es as follows:
Number of
Da te ordinary shar Issue price Purpose of issue
es
================ ============================ ========================================== ==================
Opening balance 557,811,947
28-May-20 38,814,246 0.40p Acquisition
================ ============================ ========================================== ====================
28-May-20 26,505,000 0.60p Warrants exercised
================ ============================ ========================================== ====================
2-Jun-20 18,625,000 0.60p Warrants exercised
================ ============================ ========================================== ====================
4-Jun-20 11,820,000 0.60p Warrants exercised
================ ============================ ========================================== ====================
12-Jun-20 54,562,500 0.80p Placing for cash
================ ============================ ========================================== ====================
24-Jun-20 57,937,500 0.80p Placing for cash
================ ============================ ========================================== ====================
28-Aug-20 1,200,000 0.60p Warrants exercised
================ ============================ ========================================== ====================
14-Sep-20 1,250,000 0.60p Warrants exercised
================ ============================ ========================================== ====================
22-Sep-20 6,250,000 0.60p Warrants
exercised
================ ============================ ========================================== ====================
Closing balance 774,776,193
================ ============================ ========================================== ====================
During the period under review the Company issued a total of
216,964,246 ordinary shares, through the placing of 112,500,000
shares for cash to raise GBP900,000 before expenses, 38,814,246
shares issued for the acquisition of its Botswana-incorporated
Crocus-Serv (Pty) Ltd and further 65,650,000 shares through the
exercise of warrants with total proceeds of GBP393,900.
Post the period under review to the date of this report, the
Company issued 73,925,000 new ordinary shares as follows:
Number of
Date ordinary shares Issue price Purpose of issue
=========== ===================== =========== ==================
22-Oct-20 42,000,000 0.78p Acquisition
----------- --------------------- ----------- ------------------
18-Nov-20 300,000 0.60p Warrants exercised
----------- --------------------- ----------- ==================
26-Nov-20 1,125,000 0.60p Warrants exercised
=========== ===================== =========== ==================
07-Dec-20 12,500,000 0.60p Warrants exercised
=========== ===================== =========== ==================
21-Dec-20 1,000,000 0.60p Warrants exercised
----------- --------------------- ----------- ==================
06- Jan-21 3,750,000 0.60p Warrants exercised
----------- --------------------- ----------- ==================
13-Jan-21 5,000,000 0.60p Warrants exercised
=========== ===================== =========== ==================
18-Jan-21 3,000,000 0.60p Warrants exercised
=========== ===================== =========== ==================
28-Jan-21 3,000,000 0.75p Warrants exercised
=========== ===================== =========== ==================
28-Jan-21 2,250,000 0.60p Warrants exercised
----------- --------------------- ----------- ==================
6. Going concern
The Group has sufficient financial resources to enable it to
continue in operational existence for the foreseeable future, to
continue the current development programme and meet its liabilities
as they fall due. During the period under review the Group raised
GBP900,000 before expenses and the Company has no external debt or
overdrafts. Up to the date of this report the Group raised a
further GBP1.1 million net of expenses.
The directors have further reviewed the Group's cash flow
forecast, and in light of this review and the financial position at
the date of this report, they are satisfied that the Company and
Group have access to adequate resources to continue in operational
existence for the foreseeable future. Accordingly, the directors
consider it appropriate to continue to adopt the going-concern
basis in preparing these financial statements. This basis presumes
that funds will be available to finance future operations and that
the realisation of assets and settlement of liabilities, contingent
obligations and commitments will occur in the ordinary course of
business.
7. Changes to the Board
As announced on 4 September 2020, Andrew Sarosi has, because of
his retirement, resigned as a director of the Company and its
subsidiaries and Edward (Ed) Slowey has joined the Board as
Technical Director on the same date. As announced on 7 October,
Joel Silberstein was appointed Finance Director of the Company.
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
IR SEAFFUEFSEIF
(END) Dow Jones Newswires
January 29, 2021 07:03 ET (12:03 GMT)
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Aug 2024 to Sep 2024
Galileo Resources (LSE:GLR)
Historical Stock Chart
From Sep 2023 to Sep 2024
