Galileo Resources (GLR)

Sector:

Mining

Index:

FTSE AIM All-Share

0.95p
   
  • Change Today:
      0.025p
  • 52 Week High: 1.25
  • 52 Week Low: 0.75
  • Currency: UK Pounds
  • Shares Issued: 1,163.19m
  • Volume: 3,113,727
  • Market Cap: £11.05m
  • Beta: 0.07

Galileo agrees to buy another 28pc of BC Ventures

By Josh White

Date: Wednesday 10 Aug 2022

LONDON (ShareCast) - (Sharecast News) - Galileo Resources updated the market on the agreement between BC Ventures and Cordoba Investments to acquire a 51% interest in BC Ventures on Wednesday afternoon, which was assigned to the company on 4 March.
The AIM-traded firm said under a new addendum to the agreement, it would acquire a further 29% holding in BC Ventures for 50 million Galileo shares.

BC Ventures is the owner of a "highly-prospective" lithium project in south-west Zimbabwe, known as the Kamativi project, and two gold licences close to Bulawayo through its wholly owned Zimbabwean subsidiary Sinamatella Investments.

The board said the acquisition of the 29% holding in BC Ventures would be completed once the closing formalities were finalised in relation to the share acquisition, which was expected to occur during August.

Following the share acquisition and the satisfaction of conditions, Galileo would hold an 80% interest in BC Ventures.

The consideration shares would be issued at 1.2p each - a premium of 4.4% to the closing price of 1.15p on 8 August.

Galileo said the consideration shares would be subject to a 12-month lock up and 12-month orderly market arrangements.

"The issue of the consideration shares is at a premium to the current share price and subject to lock up arrangements," said chairman and chief executive officer Colin Bird.

"The board believes that it is important that the interests of the members of a joint venture are aligned to the same mission.

"The issue of the consideration shares to acquire 29% of BC Ventures has very much achieved this objective and we look forward to working with the BC Ventures shareholders to unlock the Zimbabwean projects' value."

At the close on Wednesday, shares in Galileo Resources were flat at 1.15p.

Reporting by Josh White at Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

GLR Market Data

Currency UK Pounds
Share Price 0.95p
Change Today 0.025p
% Change 2.70 %
52 Week High 1.25
52 Week Low 0.75
Volume 3,113,727
Shares Issued 1,163.19m
Market Cap £11.05m
Beta 0.07

GLR Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
3.62% above the market average3.62% above the market average3.62% above the market average3.62% above the market average3.62% above the market average
23.81% below the sector average23.81% below the sector average23.81% below the sector average23.81% below the sector average23.81% below the sector average
Price Trend
41.29% below the market average41.29% below the market average41.29% below the market average41.29% below the market average41.29% below the market average
8.27% above the sector average8.27% above the sector average8.27% above the sector average8.27% above the sector average8.27% above the sector average
Income Not Available
Growth
49.69% above the market average49.69% above the market average49.69% above the market average49.69% above the market average49.69% above the market average
37.04% above the sector average37.04% above the sector average37.04% above the sector average37.04% above the sector average37.04% above the sector average

GLR Dividends

No dividends found

Trades for 29-May-2025

Time Volume / Share Price
15:20 1,000,000 @ 0.94p
14:37 100,000 @ 0.94p
14:15 4,000 @ 1.00p
11:21 1,008,893 @ 0.99p
12:06 100,000 @ 1.00p

GLR Key Personnel

Finance Director Joel Silberstein

Top of Page