Having satisfied the conditions precedent in terms of an earlier Heads of Agreement (HoA), Galileo Resources has completed the acquisition of 100% of Botswana- incorporated Crocus-Serv.
Crocus’s assets include 21 exploration prospecting licences (PLs), 19 of which are in the highly prospective Kalahari Copper Belt (KCB) and two of which are in the Limpopo Mobile Belt (LMB) in western and north-eastern Botswana, respectively.
The PLs cover a total of 14 875 km2.
In terms of the HoA, the company has issued 38.81-million new Galileo ordinary shares of 0.1p each to Crocus and will make a cash payment of £10 828.
Moreover, the company has also issued 26.51-million fully paid ordinary shares in the company pursuant to the exercise of warrants in terms of a placing agreement dated October 17, 2019.
“We are pleased to have completed this acquisition of Crocus with its copper licences in the highly prospective KCB and nickel/copper/platinum group metal licences in the LMB in Botswana.
“The Galileo team looks forward to commencing exploration on the properties with the complementary benefit of Crocus’s in-country experience in technical and regulatory administrative matters,” says Galileo CEO Colin Bird.