Cobalt-nickel explorer Galileo Mining is seeking to raise up to $15 million through an initial public offering (IPO) as it moves towards listing on the Australian Securities Exchange (ASX) next month.
The company, which lodged its prospectus yesterday, plans to issue up to 75 million shares at 20 cents each, with a minimum subscription requirement to raise at least $12 million.
Based on the price, Galileo will have a market capitalisation of $24 million once the offer has been completed. Galileo expects to open the offer on April 16.
The company plans to use the proceeds of the raising for exploration activities at two cobalt-nickel-copper projects in Western Australia.
Galileo was founded by WA-based prospector Mark Creasy, who was previously a director at the company between 2003–2018. Creasy will be Galileo’s largest shareholder with around 31 per cent once the offer has been completed.
Brad Underwood, Galileo managing director, commented: “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.
“The board has significant expertise and experience in mineral exploration and project development and will ensure that funds raised through the offer are utilised to advance the projects in a cost effective and timely fashion.”
The Norseman project is focused on cobalt-nickel laterite while the Fraser Range project is targeting nickel-copper-cobalt sulphide mineralisation.