Galileo Resources to take larger stakes in Zimbabwean mine projects

Galileo Resources is to acquire a further 29% in lithium and gold projects in Zimbabwe through a tweak to a deal agreed with BC Ventures in January.

Under the change, Galileo is to acquire an additional 29% shareholding in BC, the owner of a lithium project in Southwest Zimbabwe (Kamativi) and two gold licences close to Bulawayo.

Following the acquisition, Galileo would hold an 80% interest in BC Ventures

The consideration will be in shares at an equivalent price of  1.2p each.

Colin Bird Galileo’s chairman and CEO said: ” The issue of the consideration shares is at a premium to the current share price and subject to lock up arrangements.

“We look forward to working with the BC Ventures shareholders to unlock the Zimbabwean projects’ value.”

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