[ferro-alloys.com]Mark Creasy-backed cobalt-nickel hopeful Galileo Mining has set its sighting on raising up to $15 million as it looks towards a listing on the Australian Securities Exchange early next month.

Based on a 20¢-per-share initial public offer price, full subscription would give Galileo a market capitalisation of about $24 million.

Mr Creasy, who founded the company and was a director between March 2003 and March this year, will emerge as the biggest shareholder with a 31 per cent stake.

The company’s IPO prospectus was lodged with the corporate regulator on Monday, with its ASX debut due on May 7.

The offer is expected to open on April 16 and the majority of the proceeds will be used to advance Galileo’s exploration of two tenements near Norseman and the Fraser Range for cobalt, nickel and copper.

Galileo managing director Brad Underwood said it was an exciting time for the company.

“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,” he said.

“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."

• [Editor:王可]