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- Galileo Mining (GAL) receives firm commitments to undertake a $6.5 million placement
- A total of 25 million shares will now be issued to sophisticated and institutional investors at 26 cents
- Galileo will use the money to fund ongoing drilling and exploration at its Fraser Range and Norseman projects in Western Australia
- Drilling will target nickel, copper, cobalt and palladium mineralisation and subject to results, further drilling will be undertaken
- Galileo is down 4.55 per cent on the market with shares trading at 31.5 cents at 11:14 am AEST
Galileo Mining (GAL) has received firm commitments to undertake a $6.5 million placement.
The company entered a trading halt on September 6 but did not disclose how much it intended to raise or what it would use the funds for.
A total of 25 million shares will now be issued to sophisticated and institutional investors at 26 cents.
Once received, Galileo will use the money to fund ongoing drilling and exploration at its Fraser Range and Norseman projects in Western Australia.
Drilling will target nickel, copper, cobalt and palladium mineralisation and subject to results, further drilling will be undertaken.
Managing Director Brad Underwood commented on the placement and what the funds will be used for.
“The placement, in conjunction with the company’s existing cash reserves, puts Galileo in a strong position to fund multiple exploration programs both at our Norseman palladium-nickel project and at our Fraser Range nickel-copper-cobalt project,” Mr Underwood said.
“A large aircore drilling program for palladium and nickel is due to start at Norseman in late September-October with a diamond drilling campaign planned for the Fraser Range later in the year.”
“We look forward to getting the drill rods turning with the aim of making high value resource discoveries.”
Galileo was down 4.55 per cent on the market with shares trading at 31.5 cents at 11:14 am AEST.
