Galileo Resources (LON:GLR) said it agreed to buy St Vincent Minerals (SVM), whose assets include the Gabbs gold-copper property in Nevada, US, for C$4.3mln in shares.
Galileo, an emerging rare earth exploration company, will issue 21.65mln new shares in exchange for SVM, while SVM shareholders will gain a stake of about 19% of the combined company following the acquisition.
The Gabbs property has a NI-43-101 compliant inferred resource estimated at 1.61mln gold equivalent ounces in a 57mln tonne deposit grading at 0.56 grams per tonne (g/t) gold (1.029mln ounces) and 0.234% copper.
SVM's chief executive (CEO) Brian Gavin will be appointed CEO of Galileo.
Galileo also said it plans to relinquish its greenfield exploration projects, including the Nkombwa Hill rare earth project.
It intends to take its Glenover rare earth project to the full feasibility stage and said it can identify strategic partners. Reported by Proactive Investors 17 hours ago.
Galileo, an emerging rare earth exploration company, will issue 21.65mln new shares in exchange for SVM, while SVM shareholders will gain a stake of about 19% of the combined company following the acquisition.
The Gabbs property has a NI-43-101 compliant inferred resource estimated at 1.61mln gold equivalent ounces in a 57mln tonne deposit grading at 0.56 grams per tonne (g/t) gold (1.029mln ounces) and 0.234% copper.
SVM's chief executive (CEO) Brian Gavin will be appointed CEO of Galileo.
Galileo also said it plans to relinquish its greenfield exploration projects, including the Nkombwa Hill rare earth project.
It intends to take its Glenover rare earth project to the full feasibility stage and said it can identify strategic partners. Reported by Proactive Investors 17 hours ago.