StockMarketWire.com - Galileo Resources said it planned to raise £0.5m by placing shares at discount to fund the development of its Star Zinc and Kashitu projects in Zambia.

The company placed 125m shares at a placing price of 0.40p a share to raise £500,000 before expenses and 125m warrants to subscribe for shares at an exercise price of 0.60p per share.

The placing price was at a discount of approximately 8% compared to the closing mid-market price of 0.45p on October 17.

'The company intends to use the proceeds of the Placing for general working capital towards advancing its Star Zinc and Kashitu projects in Zambia, including an application and related environmental and licence transfer activities for a small-scale mining permit for Star Zinc and exploration on Kashitu,' the company said.



At 10:02am: [LON:GLR] Galileo Resources share price was -0.04p at 0.43p



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