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GLR Galileo Resources Plc

1.05
0.00 (0.00%)
Last Updated: 08:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Galileo Resources Plc LSE:GLR London Ordinary Share GB00B115T142 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.05 1.00 1.10 1.05 1.05 1.05 14,822 08:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Offices-holdng Companies,nec 289k -1.47M -0.0013 -8.08 12.21M

Galileo Resources PLC Placing (4095W)

17/04/2019 7:00am

UK Regulatory


Galileo Resources (LSE:GLR)
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From Mar 2019 to Mar 2024

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TIDMGLR

RNS Number : 4095W

Galileo Resources PLC

17 April 2019

17 April 2019

Galileo Resources Plc

("Galileo" or "the Company")

Placing

Galileo Resources Plc is pleased to announce the Company has today completed, in conjunction with Shard Capital Partners LLP ("Shard") , a placing with institutional and retail investors of 100,000,000 new ordinary shares ("Placing Shares") of 0.1p each (the "Ordinary Shares") at a placing price of 0.50 p (the "Placing Price") per Placing Share to raise GBP500,000, before expenses (the "Placing"), subject to admission to trading on AIM ("Admission"). The Placing Price is at a discount of approximately 13.8% compared to the closing mid-market price of 0.58p yesterday. The Company intends to use the proceeds of the Placing for general working capital and towards advancing its Star Zinc project ("Project") in Zambia, including producing an independent ore resource estimate, block modelling/preliminary pit design, and application for a small-scale mining permit.

Colin Bird, Chairman of Galileo Resources, said, "Following the positive drill results and significant conceptual grade tonnage estimate for Star Zinc, announced on 14 November 2018, the Company has completed a placing to enable it to do all things necessary, as outlined above, to advance and add further value to what is undoubtedly a significant Project with potential for early production. The directors believe that the potential ore at Star Zinc lends itself to a simple trucking operation for parties looking to enhance their feedstock with high grade zinc ore and early- stage discussions have started with potential off-take partners."

In connection with the Placing, the Company has granted Warrants to Shard to subscribe for 3,000,000 Ordinary Shares at an exercise price of 0.75p per share. The Warrants may be exercised at any time in the period expiring on the second anniversary of Admission of the Placing Shares.

As part of the Placing, Colin Bird, the Company's Chairman, and Richard Wollenberg, the Company's Non-Executive Director, have respectively subscribed for 6,000,000 and 600,000 Placing Shares. Accordingly, Colin Bird will hold 55,435,000 Ordinary Shares representing 13.70% of Galileo's enlarged issued share capital and Richard Wollenberg will hold 6,721,341 Ordinary Shares representing 1.66% of Galileo's enlarged issued share capital following the Placing.

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 2 May 2019.

Following the issue of the Placing Shares, the Company's issued share capital will total 404,596,562 Ordinary Shares, with voting rights. Shareholders in the Company may use this figure as the denominator for the calculation, by which they would 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.

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014. You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

 
   Colin Bird, Chairman                    Tel +44 (0) 20 7581 
    Andrew Sarosi, Executive Director       4477 
                                            Tel +44 (0) 1752 
                                            221937 
   Beaumont Cornish Limited - Nomad        Tel +44 (0) 20 7628 
    Roland Cornish/James Biddle             3396 
   Novum Securities Limited - Broker       Tel +44 (0) 20 7399 
    Colin Rowbury/Jon Belliss               9400 
   Shard Capital Partners LLP - Broker  Tel +44 (0) 207 
    to the Placing                       186 9952 
    Damon Heath 
 

This information is provided by RNS

The company news service from the London Stock Exchange

The following information relating to the transaction has been filed with the FCA in accordance with Article 19(1) of the Market Abuse Regulation,

 
  1    Details of the person discharging managerial responsibilities / person closely 
        associated 
   a)   Name                                      Colin Bird 
       ----------------------------------------  ----------------------------------------- 
   2    Reason for notification 
       ----------------------------------------------------------------------------------- 
   a)   Position / status                         Chairman 
       ----------------------------------------  ----------------------------------------- 
   b)   Initial notification                      Initial 
         /Amendment 
       ----------------------------------------  ----------------------------------------- 
   3    Details of the issuer, emission allowance market participant, auction platform, 
        auctioneer 
        or auction monitor 
       ----------------------------------------------------------------------------------- 
   a)   Name                                      Galileo Resources plc 
       ----------------------------------------  ----------------------------------------- 
   b)   LEI                                       213800KSRIVLX7BJSP45 
       ----------------------------------------  ----------------------------------------- 
   4    Details of the transaction(s): section to be repeated for (i) each type of 
        instrument; (ii) 
        each type of transaction; (iii) each date; and (iv) each place where transactions 
        have been 
        conducted 
       ----------------------------------------------------------------------------------- 
   a)   Description of the financial              Ordinary shares of 0.1 pence each in 
        instrument, type of instrument            Galileo Resources plc 
        Identification code                       ISIN GB00B115T142 
       ----------------------------------------  ----------------------------------------- 
        Nature of the transaction                 Purchase of new ordinary shares as 
                                                  described above 
       ----------------------------------------  ----------------------------------------- 
   c)   Price(s) and volumes(s)                    Price(s)      Volumes(s) 
                                                    0.50 pence    6,000,000 
                                                                 ----------- 
       ----------------------------------------  ----------------------------------------- 
   d)   Aggregated information                    n/a 
       ----------------------------------------  ----------------------------------------- 
   e)   Date of the transaction                   2 May 2019 
       ----------------------------------------  ----------------------------------------- 
   f)   Place of the transaction                  Off market 
       ----------------------------------------  ----------------------------------------- 
 
  Richard Wollenberg 1    Details of the person discharging managerial responsibilities 
         / person closely associated 
   a)   Name                          Richard Wollenberg 
       ----------------------------  ------------------------------------- 
   2    Reason for notification 
       ------------------------------------------------------------------- 
   a)   Position / status             Non-Executive Director 
       ----------------------------  ------------------------------------- 
   b)   Initial notification          Initial 
         /Amendment 
       ----------------------------  ------------------------------------- 
   3    Details of the issuer, emission allowance market participant, 
         auction platform, auctioneer or auction monitor 
       ------------------------------------------------------------------- 
   a)   Name                          Galileo Resources plc 
       ----------------------------  ------------------------------------- 
   b)   LEI                           213800KSRIVLX7BJSP45 
       ----------------------------  ------------------------------------- 
   4    Details of the transaction(s): section to be repeated 
         for (i) each type of instrument; (ii) each type of transaction; 
         (iii) each date; and (iv) each place where transactions 
         have been conducted 
       ------------------------------------------------------------------- 
   a)   Description of                Ordinary shares of 0.1 pence each in 
         the financial instrument,     Galileo Resources plc 
         type of instrument            ISIN GB00B115T142 
         Identification 
         code 
       ----------------------------  ------------------------------------- 
        Nature of the transaction     Purchase of new ordinary shares as 
                                       described above 
       ----------------------------  ------------------------------------- 
   c)   Price(s) and volumes(s)        Price(s)      Volumes(s) 
                                        0.50 pence    600,000 
                                                     ----------- 
       ----------------------------  ------------------------------------- 
   d)   Aggregated information        n/a 
       ----------------------------  ------------------------------------- 
   e)   Date of the transaction       2 May 2019 
       ----------------------------  ------------------------------------- 
   f)   Place of the transaction      Off market 
       ----------------------------  ------------------------------------- 
 

END

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

IOELLFIDSFIRLIA

(END) Dow Jones Newswires

April 17, 2019 02:00 ET (06:00 GMT)

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