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.