- Galileo Mining (GAL) raises $20.4 million for the Callisto palladium-nickel discovery within the Norseman project in WA
- The placement closed oversubscribed with cornerstone investments by major shareholders Mark Creasy and IGO
- Galileo Mining is using the funds to expand drilling at the new discovery and for drilling at the Mission Sill and Jimberlana prospects
- The placement will increase Galileo’s total cash balance to around $26.5 million
- Galileo is up 1.13 per cent and trading at $1.31 per share at 11:22 am AEST
Galileo Mining (GAL) has received firm commitments to raise $20.4 million for the Callisto palladium-nickel discovery within the Norseman project in WA.
The placement closed oversubscribed with cornerstone investments of $8.7 million by major shareholders Mark Creasy and IGO.
Under the placement, Galileo will issue 17 million shares for $1.20 each.
Funds will be used to expand drilling at the new discovery, testing the five-kilometre prospective strike length, as well as drilling at the Mission Sill and Jimberlana prospects.
Managing Director Brad Underwood is delighted with the placement and is looking forward to explore the Callisto discovery.
“With over five kilometres of strike length at the Callisto discovery, and highly prospective targets at the Jimberlana and Mission Sill prospects, the potential for additional mineralisation is very high,” he said.
“We are currently completing our second reverse circulation (RC) drill campaign at Callisto with a geological update to be provided to the market on the completion of the program.”
Galileo expects to begin a third RC program at the end of this month and will be followed by diamond drilling in August.
The placement will increase Galileo’s total cash balance to around $26.5 million.
On the market this morning, Galileo were up 1.13 per cent and trading at $1.31 per share at 11:22 am AEST.