Disposal

RNS Number : 2190G

Galileo Resources PLC

02 May 2014

 



2 May 2014

Galileo Resources Plc

("Galileo" or the "Company")

Disposal of shares in Praetorian Resources Limited ("Praetorian")

The Board of Galileo, (AIM:GLR) announces that it has sold its entire holding of 4 million ordinary shares of nil par value in Praetorian Resources Limited ("Praetorian Shares") at 8p per share for gross proceeds of £320,000.

The Praetorian Shares were acquired in July 2012 in return for the issue of 5 million ordinary shares of 5p each in Galileo ("Galileo Shares") issued at a price of 40p per share. At the same time, Praetorian subscribed £1 million in cash for 2.5 million Galileo Shares at 40p per share.

The Praetorian Shares were shown in the last published balance sheet (unaudited as at 30 June 2013) at a total value of £800,000. The further loss arising on the sale will be treated as a charge against income and the proceeds of the sale net of commissions will be added to the Company's working capital resources.

For further information, please contact:

Galileo Resources Plc Colin Bird Chairman & CEO	Tel [phone]
Andrew Sarosi Executive Director www.galileoresources.com	Tel [phone]
Beaumont Cornish Limited Nominated Adviser Roland Cornish/Felicity Geidt	Tel [phone]
Shore Capital Stockbrokers Limited Joint Broker Jerry Keen/Toby Gibbs	Tel [phone]
Hume Capital Joint Broker Jon Belliss	Tel [phone]
Gable Communications Justine James	Tel [phone] M  [phone]

 

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