A Western Australia focused cobalt-nickel explorer backed by millionaire prospector Mark Creasy is seeking to list on the ASX early next month after lodging its A$15 million IPO prospectus.
Galileo Mining is targeting exploration of cobalt-nickel laterite at its Norseman project and nickel-copper-cobalt sulphide mineralisation at its Fraser Range project.
Mr Creasy – a British-born mining engineer who famously sold the Bronzewing and Jundee gold deposits in Western Australia in 1994 for A$130 million – will be the company’s largest shareholder with a 31% stake in the company post-listing.
The Norseman project lies adjacent to the regional town of Norseman – approximately 720km east of Perth and 189km south of Kalgoorlie – in an infrastructure-rich area of Western Australia.
The project consists of a series of tenements comprising exploration and prospecting licences totalling 276.8 square kilometres in an area centred 13km west-northwest of Norseman.
The Fraser Range project covers two zones of the extensive, 400km long, Fraser Range geological belt which was proven prospective for nickel mineralisation with the 2012 discovery of the Nova-Bollinger nickel-copper-cobalt mine.
The offer is expected to open on 16 April and close on 27 April with proceeds primarily used for the further exploration of the two projects.
“This is a very exciting time for the company as we seek to raise up to A$15 million 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.
“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.”
Based on the offer price, Galileo will have a market capitalisation upon completion of the offer of ~A$24 million (full subscription). The offer is not underwritten.