Galileo expects sale of Botswana copper licences to be finalised by Sept 30
Galileo Resources has confirmed that all conditions precedent to the sale of its wholly-owned subsidiary Virgo Business Solutions to ASX-listed Sandfire Resources subsidiary Metal Exploration Capital, have been met.
The transaction was first announced in June, with the agreement setting out a $3-million upfront payment and a future contingent success payment of between $20-million and $80-million.
Virgo owns two copper prospecting licences in the Kalahari Copper Belt, in Botswana.
Completion of the agreement is expected to take place on or around September 30, with Sandfire acting as purchaser guarantor.
Source: Mining Weekly