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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 |
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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