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(Alliance News) - Galileo Resources PLC said late Thursday it has agreed to buy copper exploration assets in Botswana for GBP163,000 in shares and GBP10,082 in cash.
Galileo agreed to buy Botswana-incorporated company Crocus-Serv (Pty) Ltd from its shareholders. Crosus's assets include 21 exploration prospecting licences - 19 in the Kalahari Copper Belt and 2 in the Limpopo Mobile Belt in western and north eastern Botswana, respectively
The AIM-listed company said the heads of terms are conditional on its due diligence on Crocus, with a 30-day exclusivity period in order to do this.
The 38.8 million Galileo consideration shares will be issued at 0.42 pence. Galileo share closed up 6.3% on Thursday at 0.81p.
"The Kalahari Copper Belt has been the site of recent important large copper discoveries. The licences include tenements proximal to these discoveries and the initial prognosis for further discovery is excellent," commented Chief Executive Officer Colin Bird. "Relative to the average copper grade of discoveries globally, this region has the potential to develop into a major copper supplier."
By Tom Waite; thomaslwaite@alliancenews.com
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