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Galileo Resources completes acquisition of Botswana exploration licences

Most of the new licences are located in the Kalahari Copper Belt and accordingly are seen as highly prospective for copper mineralisation

Galileo Resources PLC - Galileo Resources completes acquisition of Botswana exploration licences

Galileo Resources PLC (LON:GLR) told investors it has completed the acquisition of Botswana business Crocus-Serv which holds 21 exploration licences.

Some 19 licences are located in the highly prospective Kalahari Copper Belt (KCB) and the other two are in the Limpopo Mobile Belt (LMB). Altogether the licences span 14,875 square kilometres.

READ: Galileo takes control of Star Zinc and Kahitu projects

To acquire the assets the company is issuing 38.81mln new shares priced at 0.42p each.

“We are pleased to have completed this acquisition of Crocus with its copper- licences in the highly prospective Kalahari Copper Belt and nickel-copper-platinum group metal licences in the Limpopo Mobile belt in Botswana,” Colin Bird, Galileo chief executive said in a statement.

“The Galileo team look forward to commencing exploration on the properties with the complementary benefit of Crocus's in-country experience in technical and regulatory administrative matters.”

Additionally, the company noted that it has issued 26.5mln shares to exercise warrants issued in an October 2019 placing.

Quick facts: Galileo Resources PLC

Price: 0.775 GBX

AIM:GLR
Market: AIM
Market Cap: £5.96 m
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