Galileo Mining receive commitments to raise AU$20.4 million via placement

Galileo Mining Ltd (ASX: GAL) announced that it had received binding commitments from institutional and sophisticated investors to raise AU$20.4 million through an issue of 17,000,000 new fully paid ordinary shares at an issue price of AU$1.20 per share. After the completion of the placement, Galileo will be well funded with approx. AU$26.5 million in cash.

The fund raised via the placement will accelerate the diamond and RC drilling programs at the Callisto palladium nickel discovery and target testing along the five-kilometer prospective strike length and drilling and exploration of highly prospective mission Sill and Jimberlana palladium-nickel prospects plus general working capital purposes.

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