Galileo Resources (GLR)

Sector:

Mining

Index:

FTSE AIM All-Share

 1.05p
   
  • Change Today:
      0.000p
  • 52 Week High: 1.48
  • 52 Week Low: 0.88
  • Currency: UK Pounds
  • Shares Issued: 1,163.19m
  • Volume: 14,822
  • Market Cap: £12.21m

Galileo agrees to buy another 28pc of BC Ventures

By Josh White

Date: Wednesday 10 Aug 2022

LONDON (ShareCast) - (Sharecast News) - Galileo Resources updated the market on the agreement between BC Ventures and Cordoba Investments to acquire a 51% interest in BC Ventures on Wednesday afternoon, which was assigned to the company on 4 March.
The AIM-traded firm said under a new addendum to the agreement, it would acquire a further 29% holding in BC Ventures for 50 million Galileo shares.

BC Ventures is the owner of a "highly-prospective" lithium project in south-west Zimbabwe, known as the Kamativi project, and two gold licences close to Bulawayo through its wholly owned Zimbabwean subsidiary Sinamatella Investments.

The board said the acquisition of the 29% holding in BC Ventures would be completed once the closing formalities were finalised in relation to the share acquisition, which was expected to occur during August.

Following the share acquisition and the satisfaction of conditions, Galileo would hold an 80% interest in BC Ventures.

The consideration shares would be issued at 1.2p each - a premium of 4.4% to the closing price of 1.15p on 8 August.

Galileo said the consideration shares would be subject to a 12-month lock up and 12-month orderly market arrangements.

"The issue of the consideration shares is at a premium to the current share price and subject to lock up arrangements," said chairman and chief executive officer Colin Bird.

"The board believes that it is important that the interests of the members of a joint venture are aligned to the same mission.

"The issue of the consideration shares to acquire 29% of BC Ventures has very much achieved this objective and we look forward to working with the BC Ventures shareholders to unlock the Zimbabwean projects' value."

At the close on Wednesday, shares in Galileo Resources were flat at 1.15p.

Reporting by Josh White at Sharecast.com.

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GLR Market Data

Currency UK Pounds
Share Price 1.05p
Change Today 0.000p
% Change 0.00 %
52 Week High 1.48
52 Week Low 0.88
Volume 14,822
Shares Issued 1,163.19m
Market Cap £12.21m

GLR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
1.06% above the market average1.06% above the market average1.06% above the market average1.06% above the market average1.06% above the market average
2.29% below the sector average2.29% below the sector average2.29% below the sector average2.29% below the sector average2.29% below the sector average
Price Trend
44.57% above the market average44.57% above the market average44.57% above the market average44.57% above the market average44.57% above the market average
67.83% above the sector average67.83% above the sector average67.83% above the sector average67.83% above the sector average67.83% above the sector average
Income Not Available
Growth
81.56% above the market average81.56% above the market average81.56% above the market average81.56% above the market average81.56% above the market average
81.25% above the sector average81.25% above the sector average81.25% above the sector average81.25% above the sector average81.25% above the sector average

GLR Dividends

No dividends found

Trades for 28-Mar-2024

Time Volume / Share Price
08:03 14,822 @ 1.10p

GLR Key Personnel

Finance Director Joel Silberstein

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