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2 May 2014 14:18
2 May 2014
Galileo Resources Plc
("Galileo" or the "Company")
Disposal of shares in Praetorian Resources Limited ("Praetorian")
The Board of Galileo, (AIM:GLR) announces that it has sold its entire holding of 4 million ordinary shares of nil par value in Praetorian Resources Limited ("Praetorian Shares") at 8p per share for gross proceeds of £320,000.
The Praetorian Shares were acquired in July 2012 in return for the issue of 5 million ordinary shares of 5p each in Galileo ("Galileo Shares") issued at a price of 40p per share. At the same time, Praetorian subscribed £1 million in cash for 2.5 million Galileo Shares at 40p per share.
The Praetorian Shares were shown in the last published balance sheet (unaudited as at 30 June 2013) at a total value of £800,000. The further loss arising on the sale will be treated as a charge against income and the proceeds of the sale net of commissions will be added to the Company's working capital resources.
For further information, please contact:
Galileo Resources Plc Colin Bird Chairman & CEO | Tel +44 (0)20 7581 4477 |
Andrew Sarosi Executive Director www.galileoresources.com
| Tel +44 (0)1752 221937 |
Beaumont Cornish Limited Nominated Adviser Roland Cornish/Felicity Geidt | Tel +44 (0)20 7628 3396 |
Shore Capital Stockbrokers Limited Joint Broker Jerry Keen/Toby Gibbs
| Tel +44 (0)20 7408 4090 |
Hume Capital Joint Broker Jon Belliss
| Tel +44 (0)20 3693 1470 |
Gable Communications Justine James | Tel +44 (0)20 7193 7463 M +44 (0)7525 324431 |
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