💪 IGO & Mark Creasy cornerstone investors in GAL's cap raise

This morning our long term exploration Investment Galileo Mining (ASX: GAL) went into a trading halt “pending the release of an announcement in relation to a capital raising”.

The AFR reports that, “The term sheet sent to potential investors said Galileo would raise $20 million at $1.20 per share” with IGO and ‘mining billionaire’ Mark Creasey expected to cornerstone the raise.

Read the full article here.

Below are our key takeaways:

• These cornerstone investments from IGO and Mark Creasy come just weeks after the AFR said fund managers believed that IGO was on the hunt for something to buy in the Fraser Range, with GAL seen as the best possible fit.
  
• IGO already owns (~8.89%) and Mark Creasy owns (24.82%) of GAL (before the capital raise).
  
• IGO has previously purchased projects from Mark Creasy backed companies, including the Nova mine and the Silver Knight discovery.

With GAL’s recent PGE discovery and its current drilling to test for extensions to grow the size of the discovery, the cornerstone investments are just another vote of confidence for what GAL has on its hands.

We are yet to see how the capital raise plays out in its entirety, but we are looking forward to seeing just how much of the reported $20M is taken up by IGO and Mark Creasy.

Next: We are eagerly waiting to see what comes from GAL’s ~4,000m of RC drilling to test for extensions to its new PGE discovery.