Aim-listed Galileo Resources has finalised the acquisition of Africibum and its five prospecting licences in the North East Kalahari Copperbelt project, in Botswana.
The transaction also includes two mining tenement applications that Africibum had submitted.
Galileo will issue 42-million fully paid ordinary shares to Africibum’s shareholders, as well as warrants to buy more shares. Additionally, Galileo will issue one of the seller's seven-million shares related to reimbursement costs incurred by Africibum to date.
The transaction is valued at about £290 220.
The licences are located about 15 km from the Boseto copper project and generally on trend with other known discoveries in the area, says Galileo.
The company plans to take the project beyond its current conceptual stage and test for an extension of the open strike on one licence and update the geophysics on another licence.
The transaction marks the completion of Galileo’s Kalahari Copperbelt portfolio.