Galileo Resources PLC Issue of Equity, Directors' Dealings and TVR (6720Q)
01 Marzo 2016 - 3:56PM
UK Regulatory
TIDMGLR
RNS Number : 6720Q
Galileo Resources PLC
01 March 2016
For immediate release
1 March 2016
Galileo Resources Plc
("Galileo" or "the Company")
Issue of Equity, Directors' Dealings and TVR
Galileo (AIM: GLR), the exploration and development mining
company, announces that the Company's broker, Beaufort Securities,
has today completed a placing of 37,500,000 new ordinary shares
0.1p each (the "Ordinary Shares") (the "Placing Shares") at a
placing price of 1p per Placing Share (the "Placing Price") to
raise GBP375,000 before expenses (the "Placing"), subject to
admission to trading on AIM
As part of the Placing, Colin Bird, the Company's Chairman, and
Richard Wollenberg, the Company's Non-Executive Director, have
respectively subscribed for 5,000,000 and 500,000 new ordinary
shares each at the Placing Price. Accordingly, Colin Bird now holds
48,185,000 Ordinary Shares representing 24.87% of Galileo enlarged
issued share capital and Richard Wollenberg holds 3,300,000
Ordinary Shares representing 1.70% of Galileo's enlarged issued
share capital.
The Company intends to use the proceeds of the Placing to fund
the deposit of ZAR 6 million (approximately GBP260,000) required
under the terms of the Cooperation and Joint Venture Agreement the
Company signed with Shirley Hayes and Shirley Hayes, ipk (Pty) Ltd,
in respect of the 36,373 hectare Concordia copper property in the
OKiep Copper District in the Namaqualand Complex in the Northern
Cape Province of South Africa (the "Concordia Project"). This
deposit will be used to fund exploration work on the Concordia
Project, details of which were announced on 14 January 2016.
The Placing Shares will, when issued, rank pari passu in all
respects with the existing Ordinary Shares. Application will be
made for the Placing Shares to be admitted to trading on AIM and
admission is expected to take place on or around 7 March 2016.
Following the issue of the Placing Shares, the Company's issued
share capital will consist of 193,752,721 Ordinary Shares, with
voting rights. This figure may be used by shareholders in the
Company as the denominator for the calculation by which they will
determine if they are required to notify their interest in, or a
change to their interest in, the share capital of the Company under
the Financial Conduct Authority's Disclosure and Transparency
Rules.
ENDS
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact:
Galileo Resources PLC Tel +44 (0) 20 7581
Colin Bird, Chairman 4477
Andrew Sarosi, Executive Tel +44 (0) 1752 221937
Director
Beaumont Cornish Limited Tel +44 (0) 20 7628
- Nomad 3396
Roland Cornish/James Biddle
Beaufort Securities Limited - Broker Tel +44 (0) 20 7382
Jon Belliss 8300
Forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"will" or the negative of those, variations or comparable
expressions, including references to assumptions. These forward
looking statements are not based on historical facts but rather on
the Directors' current expectations and assumptions regarding the
Company's future growth, results of operations, performance, future
capital and other expenditures (including the amount, nature and
sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements re ect
the Directors' current beliefs and assumptions and are based on
information currently available to the Directors. A number of
factors could cause actual results to differ materially from the
results discussed in the forward looking statements including risks
associated with vulnerability to general economic and business
conditions, competition, environmental and other regulatory
changes, actions by governmental authorities, the availability of
capital markets, reliance on key personnel, uninsured and
underinsured losses and other factors, many of which are beyond the
control of the Company. Although any forward looking statements
contained in this announcement are based upon what the Directors
believe to be reasonable assumptions, the Company cannot assure
investors that actual results will be consistent with such forward
looking statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCUAVSRNSAORAR
(END) Dow Jones Newswires
March 01, 2016 09:56 ET (14:56 GMT)
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