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Galileo Resources

  • BY: Andrew Hore |
  • POSTED: 13/09/2011 |

Plus-quoted shell General Industries is moving to Aim as Galileo Resources. 

Galileo is acquiring Skiptons Global Investments, which has interests in South Africa. They include a stake in the Glenover rare earth elements prospect and the right to acquire a mining licence for the Qokolweni Quarry.

Skiptons is being acquired for 10.2m of shares. Galileo has raised 3.3m at 23p each and it will be valued at 16.3m.

The cash raised will fund the flotation, develop Glenover and fund maintenance of the Qokolweni Quarry and associated licences and permits.

Colin Bird, the chairman of Aim-quoted Jubilee Platinum, is chairman and chief executive of Galileo.

The expected admission date is 28 September.

Download the September 2011 edition of AIM Journal at http://www.hubinvest.com/AIMPDFSeptember2011_24.pdf

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