BACKED GALILEO MINING LODGES $15M IPO PROSPECTUS
Cobalt-nickel exploration company Galileo Mining (“Galileo” or “the Company”) is pleased to announce the lodgement of its Initial Public Offering Prospectus (“Prospectus”) with the Australian Securities and Investments Commission (“ASIC”) to raise up to $15 million before costs.
The Galileo Prospectus is available at www.galileomining.com.au
The Prospectus offers the issue of up to 75 million shares at an issue price of $0.20 per share to raise up to $15 million before costs, with a minimum subscription requirement to raise at least $12 million before costs via the issue of 60 million shares at an issue price of $0.20 per share.
Based on the offer price, Galileo will have a market capitalisation upon completion of the Offer of ~$24 million (full subscription). The Offer is not underwritten.
The Offer is expected to open on the 16th April 2018 and close on 27th April 2018 with proceeds primarily used for the further exploration of its two projects prospective for cobalt, nickel and copper in Western Australia.
Of particular interest, Galileo was founded by WA based prospector Mark Creasy who was previously a director of the Company from March 2003 to March 2018. Upon completion of the offer, Mr Creasy will be its largest shareholder with a holding of ~31% (full subscription) in the Company.