LONDON, UK: Galileo Resources plc announced that all conditions have been met in relation to the agreement to acquire a 29% shareholding in BC Ventures Limited; accordingly the company is issuing 50,000,000 Galileo Resources plc shares at a price of 1.2 pence per share being the consideration shares due in relation to the acquisition.

As a result, Galileo will have an interest of 29% in BC Venturers alongside an option to acquire a further 51% interest through the Company spending $1.5million on exploration and evaluation of the Projects by 21 January 2024.

BC Ventures is the owner of a highly prospective lithium project in Southwest Zimbabwe (the “Kamativi Lithium Project”) and two gold licenses (the “Bulawayo Gold Project”) close to Bulawayo (the “Projects”) through its wholly owned Zimbabwe subsidiary Sinamatella Investments (Private) Limited, as more fully detailed in the original announcement of 7 March 2022.

The Consideration Shares are being issued to African Mineral Resources Ltd, a company controlled by Fergus Kynaston Forbes, which will own 50,000,000 Ordinary Shares in the Company being 4.3 % of the Company’s shares as enlarged by the issue of the Consideration Shares.

The Consideration Shares are subject to the following lockup and orderly market arrangements and cannot be sold during the lockup periods. During the orderly market period the Consideration Shares shall first be offered for sale by Galileo’s company broker at a price no lower than the Galileo Shares have traded in the previous five days (the “Nominated Price”) and if not sold by Galileo’s company broker within 30 days may be sold via another broker at the Nominated Price or higher Percentage of Option Considerations Shares: