Galileo Resources PLC Extension of JV Sale Agreement (7969M)
11 Maggio 2015 - 2:49PM
UK Regulatory
TIDMGLR
RNS Number : 7969M
Galileo Resources PLC
11 May 2015
11 May 2015
Galileo Resources Plc
("Galileo" or the "Company")
Extension of Agreement in Respect of Potential Sale of Interest
in Joint Venture
Galileo (AIM: GLR), the exploration and development mining
company, announces that it has agreed to a request from joint
venture partner Fer-- Min--Ore Proprietary Limited
("Fer--Min--Ore"), to extend the completion of the conditional Sale
Agreement (Sale Agreement previously announced on 28 January 2015),
for a further three months to 28 August 2015. The commercial terms
of the Sale Agreement ("Proposed Transaction"), pursuant to which
the Company has offered
to sell ("Offer") and Fer--Min--Ore ("Purchaser") has offered to
purchase all the Company's
rights, title, interest and shares in the capital of Glenover
Phosphate Proprietary Limited ("Glenover") for a
purchaseconsideration of US$4 million, subject to financing, are
unchanged.
The Offer remains subject to:
a. the Proposed Transaction being completed within four months
(now mutually agreed to extend for a further three months) of
concluding theSale Agreement, afterwhich period , or such later
date as may be mutually agreed, the provisions of the Agreement
will not take effect; and
b. to the extent required,approval of the Proposed Transaction
by relevant regulatory bodies, including, but not limited to, any
approvals required from the Department of Minerals and Energy
(South Africa) or other relevant regulatory authority in terms of
section 11 of the Mineral and Petroleum Resources Development Act
28 of 2002.
Further details of Glenover and its rare earth and phosphate
project are available from the Company's website:
www.galileoresources.com
A copy of this announcement is available on the Company's
website www.galileoresources.com.
You can also follow Galileoon Twitter: @GalileoResource
For further information, please contact:
Colin Bird Chairman Tel +44 (0) 20 7581 4477
Andrew Sarosi,Technical Director Tel +44 (0) 1752 221937
Beaumont Cornish Limited -- Nomad
Roland Cornish/ James Biddle Tel +44 (0) 20 7628 3396
Beaufort Securities Limited -- JointBroker Tel +44 (0) 20 7382 8416
Elliot Hance
Daniel Stewart & Co --Joint Broker Tel + 44 (0) 20 7776 6596
David Coffman/Martin Lampshire
This information is provided by RNS
The company news service from the London Stock Exchange
END
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