Renowned explorer Mark Creasy is heading back to Western Australia’s prolific Fraser Range region, backing a A$15 million IPO on the ASX for cobalt explorer Galileo Mining.
Galileo has today lodged its Prospectus for the float, with the company anticipating to open its offer on the 16th April 2018 and commence trading under the ticker code GAL in early May 2018.
The company expects to issue of up to 75 million shares at an issue price of $0.20 per share, and a market capitalisation of approximately A$24 million. Mark Creasy will hold an estimated 31% interest on completion.
The move follows a highly successful track-record for Creasy in the Fraser Range region, with the prospector playing a pivotal role in the landmark discovery of the Nova-Bollinger nickel project. Creasy has also been involved with other major Western Australian mining deposits, such as Jundee and Bronzewing.
Proceeds of the listing will be directed towards the company’s two projects – the Norseman Project and the Fraser Range Project.
The Norseman Project is predominantly focussed on cobalt-nickel laterite while the Fraser Range Project is targeting nickel-copper-cobalt sulphide mineralisation.
This is a very exciting time for the Company as we seek to raise up to $15million through our IPO,” Galileo managing director Brad Underwood said.
“Post-listing, the company will accelerate our exploration campaign across our Norseman and Fraser Range projects which we believe are highly prospective for additional cobalt resources as well as new discoveries.”
A copy of the IPO Prospectus is now available on www.galileomining.com.au