Galileo Resources sells 4m shares in Praetorian

2nd May 2014 16:26

Galileo Resources on Friday announced that it has disposed of its 4m shares in Praetorian Resources, selling each one for 8p each. The group acquired the shares in July 2012 in exchange for the issue of 5m Galileo shares at 40p each. At the same time, Praetorian subscribed £1m in cash for 2.5m Galileo shares at 40p per share.The Praetorian shares were at June 30th 2013 shown to have a value of £0.8m. The group explained that the further loss arising on the sale will be treated as a charge against income and said the proceeds of the sale, net of commissions, would be added to the company's working capital resources. NR