RNS Number : 5999B

Galileo Resources PLC

03 October 2022

For immediate release

03 October 2022

Galileo Resources Plc

("Galileo" or "the Company")

Update on acquisition of a further 29% shareholding in

Lithium & Gold Projects, Zimbabwe

Galileo Resources plc ("Galileo "or the "Company") further to its announcement of 10 August 2022 is pleased to announce that all conditions have been met in relation to the agreement to acquire a 29% shareholding in BC Ventures Limited (the "Share Acquisition"); accordingly the Company is issuing 50,000,000 Galileo Resources plc shares at a price of 1.2pence per share being the consideration shares due in relation to the Share Acquisition (the "Consideration Shares"). As a result, Galileo will have an interest of 29% in BC Venturers alongside an option to acquire a further 51% interest through the Company spending $1.5million on exploration and evaluation of the Projects by 21 January 2024. BC Ventures is the owner of a highly prospective lithium project in Southwest Zimbabwe (the "Kamativi Lithium Project") and two gold licenses (the "Bulawayo Gold Project") close to Bulawayo (the "Projects") through its wholly owned Zimbabwe subsidiary Sinamatella Investments (Private) Limited, as more fully detailed in the original announcement of 7 March 2022.

The Consideration Shares are being issued to African Mineral Resources Ltd, a company controlled by Fer gus Kynaston Forbes, which will own 50,000,000 Ordinary Shares in the Company being 4.3 % of the Company's shares as enlarged by the issue of the Consideration Shares.

The Consideration Shares are subject to the following lockup and orderly market arrangements and cannot be sold during the lockup periods. During the orderly market period the Consideration Shares shall first be offered for sale by Galileo's company broker at a price no lower than the Galileo Shares have traded in the previous five days (the "Nominated Price") and if not sold by Galileo's company broker within 30 days may be sold via another broker at the Nominated Price or higher Percentage of Option Considerations Shares:

        Lock Up Period   Orderly Market Period 
 100%   12 months        12 months 

Application to trading on AIM: Application will be made to the London Stock Exchange for a total of 50,000,000 new Galileo Shares to be admitted to trading on AIM which rank pari passu to the existing ordinary shares in the Company. It is expected that Admission will become effective and that dealings in the new Galileo Shares will commence at 8.00 a.m. on 10 October 2022.

On Admission, the abovementioned figure of 1,160,688,453 Ordinary Shares (the "Enlarged Share Capital") may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Galileo under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

You can also follow Galileo on Twitter: @GalileoResource

For further information, please contact: Galileo Resources PLC

 Colin Bird, Chairman                 Tel +44 (0) 20 7581 
 Beaumont Cornish Limited - Nomad     Tel +44 (0) 20 7628 
  Roland Cornish/James Biddle          3396 
 Novum Securities Limited - Joint 
  Colin Rowbury /Jon Belliss          +44 (0) 20 7399 9400 
 Shard Capital Partners LLP -         Tel +44 (0) 20 7186 
  Joint Broker                         9952 
  Damon Heath 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 as it forms part of UK Domestic Law by virtue of the European Union (Withdrawal) Act 2018 ("UK MAR").

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(END) Dow Jones Newswires

October 03, 2022 09:53 ET (13:53 GMT)

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