Galileo Resources - Completion of Acquisition of 100% of Africibum Co
For immediate release
Dissemination of a Regulatory Announcement that contains inside information according to REGULATION (EU) No 596/2014 (MAR).
Galileo Resources Plc
("Galileo" or "the Company")
Completion of Acquisition of 100% of
Africibum Co Pty Ltd's interest in its North East Kalahari Copper Belt project,
Galileo (AIM:GLR), the exploration and development mining company, is pleased, further to its announcement on
North East Kalahari Copper Belt Project Acquisition: The Company has acquired 100% of Africibum Co (Pty) Ltd, incorporated in
"I am very pleased that we have completed the acquisition of Africibum whose licences lie in an area of high prospectivity in the Kalahari Copper Belt. The licence area is 15 km from the Boseto Copper Project and generally on trend with other known discoveries in the area. With drill holes assaying >1% Cu the project has already advanced beyond the conceptual stage, and it is the intention to test for an extension of the open strike on one licence and update the geophysics on another licence.
The Acquisition completes the Company's Kalahari Copper Belt portfolio and we look forward to exploration in our expanded footprint in the Belt which is part of the Northwest Botswana Rift which the USGS in 2015 reported as the world's most prospective area for yet-to-be discovered sediment hosted copper deposits" 
Consideration payable: The consideration payable by Galileo at Completion of the Acquisition is a total of a) 42,000,000 fully paid ordinary shares in the Company ("
Application to trading on AIM: Application will be made to the London Stock Exchange for a total of 42,000,000 new
Total Voting Rights after Share Issue: Following the issue of the Ordinary Share Consideration and the Reimbursement Share Consideration, the Company's total issued share capital will consist of Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in treasury and accordingly there are no voting rights in respect of any treasury shares.
On Admission, the abovementioned figure of 816,776,193 Ordinary Shares (the "Enlarged Share Capital") may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Galileo under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Significant Shareholder Notifications:
M & A Wealth (Pty) Ltd currently owns 20,778,618
Tonehill Pty Ltd currently owns 17,011,128
Lock up and Orderly Market: The Ordinary Share Consideration (but not the Reimbursement Share Consideration) will be held under voluntary escrow restriction periods as follows:
1) Fifteen percent (15%) of the Ordinary Share Consideration will be freely tradeable
upon issue as at the Completion Date;
2) Fifteen percent (15%) of the Ordinary Share Consideration will be escrowed
voluntarily for a period of three (3) months from the Completion Date;
3) Thirty-five percent (35%) of the Ordinary Share Consideration will be escrowed
voluntarily for a period of six (6) months from the Completion Date; and
4) Thirty-five (35%) of the Ordinary Share Consideration will be escrowed voluntarily
for a period of nine (9) months from the Completion Date.
You can also follow Galileo on Twitter: @GalileoResource
For further information, please contact: Galileo Resources PLC
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Tel +44 (0) 20 7581 4477
Tel +353 (1) 601 4466
Beaumont Cornish Limited - Nomad
Tel +44 (0) 20 7628 3396
Novum Securities Limited - Joint Broker
+44 (0) 20 7399 9400
Shard Capital Partners LLP - Joint Broker
Tel +44 (0) 20 7186 9952
 USGS Scientific Investigations Report 2010-5090 - titled "Qualitative Assessment of Selected Areas of the World for Undiscovered Sediment-Hosted Stratabound Copper Deposits
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