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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