logo-loader
viewGalileo Resources PLC

Galileo raises £500,000 to kickstart zinc mining in Zambia

Galileo hopes to begin mining its Star Zinc project in mid-2020, as well as commencing an exploration study at its other Zambian location, Kashitu

Galileo Resources PLC -

Galileo Resources PLC (LON:GLR) has raised £500,000 through a share placing to advance its Star Zinc and Kashitu mining projects.

The AIM-listed miner issued 125mln shares to institutional and retail investors at a price of 0.4p, compared to 0.45p at market close on Thursday.

Galileo said that it hopes to start preparing an application for a small-scale mining permit at its 95%-owned Star Zinc project in Zambia, and begin mining in the second quarter next year.

An exploration study will also begin at Kashitu, which is thought to hold similar levels of zinc mineralisation to Star.

Elsewhere, the company holds a 38% stake in the Glenover rare earth project, and wholly owns the Ferber gold project in Nevada, USA.

Chairman Colin Bird and non-executive director Richard Wollenberg took part in the placing for 5mln and 0.5mln shares respectively.

Quick facts: Galileo Resources PLC

Price: 0.51 GBX

AIM:GLR
Market: AIM
Market Cap: £2.84 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Galileo Resources PLC named herein, including the promotion by the Company of Galileo Resources PLC in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Galileo Resources begins off-take talks with Jubilee Metals for Star Zinc ore

Galileo Resources PLC's (LON:GLR) Colin Bird updates Proactive London's Andrew Scott after announcing talks are soon to begin with Jubilee Metals PLC (LON:JLP) over the supply of zinc ore to the Sable refinery in Zambia. Last month, Jubilee struck a deal to buy the Sable zinc refinery...

on 2/5/19

2 min read