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Galileo to raise £550 000 for Zambia drilling programme

12th April 2018

By: Anine Kilian

Contributing Editor Online

     

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JOHANNESBURG (miningweekly.com) – Aim-listed Galileo Resources will raise £550 000 through a share placement to fund a further drilling programme at its Zambia-based Star Zinc project.

The 50-million new shares, which will be priced at 0.1p each, have been placed through the company’s broker Novum Securities. 

The placing price is at a discount of about 20% compared with the closing mid-market of 1.375p on Wednesday.

In connection with the placing, the company has granted warrants to subscribe for 50-million shares at an exercise price of 2p a share.

"Following the positive drill results announced this month, the company has immediately completed a placing to enable us to do pre-drilling work to fast-track the next drilling programme, which should add further value to what is a significant discovery," chairperson Colin Bird said in a statement on Thursday. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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