Following an addendum to an original agreement, zinc, copper and rare earths explorer Galileo Resources is set to acquire a 29% shareholding in BC Ventures in exchange for 50-million shares (consideration shares) in Galileo Resources.

BC Ventures is the owner of a highly-prospective lithium project in south-west Zimbabwe – the Kamativi lithium project, and two gold licences - the Bulawayo gold project, close to Bulawayo, through its wholly-owned Zimbabwean subsidiary Sinamatella Investments.

Galileo chairperson and CEO Colin Bird says Galileo’s board believes it is important that the interests of the members of a joint venture are aligned to the same mission. 

“The issue of the consideration shares to acquire 29% of BC Ventures has very much achieved this objective and we look forward to working with the BC Ventures shareholders to unlock the Zimbabwean projects’ value.”

The 29% shareholding in BC Ventures is expected to complete once the closing formalities have been completed in relation to the share acquisition, which is expected to occur at some point this month.

Following the share acquisition and satisfaction of the conditions of the principal agreement, Galileo will hold an 80% interest in BC Ventures.