Photo by: Bloomberg
PERTH (miningweekly.com) – Junior Galileo Mining will raise A$20.4-million in a share placement to sophisticated and institutional investors to fund exploration work at its Callisto palladium/nickel discovery, in Western Australia.
Some 170-million shares will be placed, at a price of A$1.20 a share under Galileo’s existing placement capacity. The company on Wednesday said that it has already received firm commitments for the placement.
“We are delighted with the strong market support for our placement which puts us in an excellent position to expand the drilling programs at our recent Callisto palladium-nickel discovery,” said MD Brad Underwood.
“The high level of interest has allowed us to complete the A$20.4-million placement with A$8.7-million of the funds coming from our major shareholders, Mark Creasy and IGO. The placement will increase our total cash to approximately A$26.5-million and allow us to aggressively explore this significant new palladium province within our Norseman project area.
“With over 5 km of strike length at the Callisto discovery, and highly prospective targets at the Jimberlana and Mission Sill prospects, the potential for additional mineralisation is very high,” said Underwood.
“We are currently completing our second RC drill campaign at Callisto with a geological update to be provided to the market on the completion of the program. In addition, we are waiting for the assay results from the first four drill holes of the present drill program which are expected to be returned from the laboratory shortly.
“The third reverse circulation drill program is scheduled to begin at the end of July with diamond drilling planned to commence in August. We look forward to updating the market with results from this exciting new West Australian discovery.”