Galileo raises exploration funds
PERTH (miningweekly.com) – Junior Galileo Mining has raised A$5-million through a share placement to fund exploration at its Fraser Range nickel targets, in Western Australia.
The company on Thursday said that it had received firm commitments from sophisticated and institutional investors for the placement of more than 22.7-million shares, at a price of 22c each.
The placement will be conducted under Galileo’s existing placement capacity and will not require shareholder approval, the company said.
The placement shares will comprise some 18.9% of the company’s total pre-placement issued share capital.
“This placement, in conjunction with the company’s existing cash reserves, puts Galileo in a very strong position to accelerate its exploration programmes in the Fraser Range and in particular the follow-up exploration of the nickel/copper sulphides already discovered at the Lantern prospect,” said MD Brad Underwood.
“We are delighted to have received such strong support for the placement and will immediately double our drilling programme which commences tomorrow. We have outstanding targets along strike from Legend Mining’s Mawson discovery and are looking forward to updating the market with new results in the near future.”
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