$5 MILLION PLACEMENT TOACCELERATE FRASER RANGE EXPLORATION
Highlights• Exploration of highly prospective Fraser Range nickel targets boosted by a well supported $5 million placement• Placement closed oversubscribed with a cornerstone investment by Independence Group who will emerge with an 8.9% substantial holding in Galileo• Immediate doubling of current drilling program from 4,000 metres to 8,000 metres with drilling commencing tomorrow• Funds to expedite exploration at the Lantern nickel-copper sulphide prospect, along strike from Legend Mining’s Mawson discoveryGalileo Mining Ltd (ASX: GAL, “Galileo” or the “Company”) is pleased to announce it has received firm commitments from sophisticated and institutional investors qualifying under s708 of the Corporations Act 2001 (Cth) to subscribe for a placement of 22,727,273 shares at an issue price of $0.22 per share to raise gross proceeds of $5,000,000 (“Placement”).Funds raised pursuant to the Placement will primarily be used for ongoing exploration at the Lantern Prospect, for other prospects in the Fraser Range nickel belt, and for working capital purposes.Nascent Capital Partners Pty Ltd (Nascent) acted as lead manager to the Placement.Commenting on the Placement 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 (1).We are delighted to have received such strong support for the Placement and will immediately double our drilling program which commences tomorrow. We have outstanding targets along strike from Legend Mining’s Mawson discovery and arelooking forward to updating the market with new results in the near future.”
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