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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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