Proposed Acquisition of Copper Exploration Assets in Botswana
Colin Bird (CEO) said: “We are very pleased with this proposed Acquisition. The Kalahari Copper Belt has been the site of recent important large copper discoveries. The Licences include tenements proximal to these discoveries and the initial prognosis for further discovery is excellent.
Relative to the average copper grade of discoveries globally, this region has the potential to develop into a major copper supplier.
The Limpopo Mobile Belt tenements in eastern Botswana are close to important nickel-copper discoveries in the area and lie on a similar trend and strike to the historic major BCL’s Selebi Phikwe nickel-copper mine (~2.5% nickel), which operated from 1970 to 2008. The Licence package is extremely well placed in a good geological jurisdiction and the propensity for discovery is high.
We look forward to commencing exploration in the near future.
Galileo is pleased to announce that it has entered into an exclusive and binding conditional Heads of Agreement (HoA) with Botswana-incorporated Crocus-Serv (Pty) Ltd (“Crocus”) to acquire 100% of Crocus’ issued share capital (the “Acquisition”) for the issue to Crocus of an aggregate 38,814,246 Galileo ordinary shares (equivalent to GBP163,020 at a deemed price of GBP0.0042) and a cash consideration of GBP10,828. Crocus assets include 21 exploration tenements in the prospective Kalahari Copper Belt (“KCB”) and Limpopo Mobile Belt (“LMB”) of Botswana, Southern Africa.
This Acquisition is subject to due diligence and all necessary regulatory approvals.
At the time of release of this announcement, the Company directors are not aware of any material change in the current Company’s assets.
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