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Galileo completes acquisition of Africibum
StockMarketWire.com
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Exploration and development mining company Galileo said it had completed its acquisition of Africibum including its interests in the North East Kalahari copper belt project in Botswana, on 15 October, for £290,220.
The acquisition of Africibum, whose licences lie in an area of high prospectivity in the Kalahari copper belt, included a licence area of 15 km from the Boseto copper project and was generally on trend with other known discoveries in the area, the comapny said.
With drill holes assaying more than 1% of copper. the project 'has already advanced beyond the conceptual stage, and it is the intention to test for an extension of the open strike on one licence and update the geophysics on another licence,' it added.
The deal was valued at £290,220, comprising 42,000,000 in shares of Galileo and 10,000,000 warrants.
The warrants had expiry date two years from the completion date of the acquisition, allowing Galileo to covert into the company's shares at an exercise price of 2 pence per share, approximately 190% premium to 0.691 pence from the closing price on 15 October 2020, the company said.
At 8:28am: (LON:GLR) Galileo Resources share price was +0.05p at 0.75p
Story provided by StockMarketWire.com
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