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Galileo Resources raises capital to support exploration plans

It is a boost to the exploration company that last month expanded its footprint in Botswana.

Galileo Resources PLC - Galileo Resources raises capital to support exploration plans

Galileo Resources PLC (LON:GLR) has raised £900,000 in a share placing, selling 112.5mln shares priced at 0.8p each.

The proceeds will provide working capital, supporting the company as it advances towards a programme of exploration at the newly acquired copper-nickel-platinum group metal licences in the Kalahari Copper Belt, Botswana, along with the Star Zinc and Kashitu projects in Zambia.

READ: Galileo completes Botswana exploration acreage acquisition

In a statement, Colin Bird, Gallileo's CEO commented" "This equity placing will allow the company to complete its various applications for its Star Zinc project, commence exploration at Kashitu and initiate an aggressive programme of exploration for its highly prospective new acquisition in the Kalahari copper belt.

“We look forward to progressing with the aforementioned works and keeping the market informed on our progress on a regular basis."

In May, Galileo completed the acquisition of 21 exploration licences – 19 of which are located in the highly prospective Kalahari Copper Belt – which will be the basis of new exploration activity.

Quick facts: Galileo Resources PLC

Price: 0.685 GBX

AIM:GLR
Market: AIM
Market Cap: £5.31 m
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on 10/4/18

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