23/04/2020 - 11:19

Galileo to raise $5m

23/04/2020 - 11:19

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Galileo Mining has received commitments to raise $5 million through a share placement, including from IGO, as it seeks to ramp-up exploration activities at its Fraser Range project in Western Australia.

Galileo to raise $5m
Galileo will use the funds to advance drilling programs within its Fraser Range tenements. Photo: Galileo Mining

Galileo Mining has received commitments to raise $5 million through a share placement, including from IGO, as it seeks to ramp-up exploration activities at its Fraser Range project in Western Australia.

West Perth-based Galileo says the proceeds raised will go towards ongoing exploration at the Lantern Prospect as well as for other prospects in the Fraser Range nickel belt.

Galileo’s current drilling program will double from 4,000 metres to 8,000 metres, with activities starting tomorrow.

The company also has targets along strike from Legend Mining’s Mawson discovery, Galileo managing director Brad Underwood said.

“This placement, in conjunction with the company’s existing cash reserves, puts Galileo in a very strong position to accelerate its exploration programs in the Fraser Range and in particular the follow-up exploration of the nickel-copper sulphides already discovered at the Lantern Prospect,” he said.

Galileo will issue approximately 22.7 million shares priced at 22 cents per share, with diversified mining and exploration company IGO to emerge from the placement as an 8.9 per cent shareholder.

Nascent Capital Partners is acting as lead manager.

Shares in Galileo were down 14.8 per cent to trade at 23 cents, as at 12:55pm AEST.

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