- Castillo Copper (CCZ) has entered a trading halt ahead of a capital raise and the company’s proposed listing on the London Stock Exchange
- Just before the end of the June quarter, Castillo raised $2.1 million to fund drilling at the Arya prospect within the Mt Oxide pillar
- The company ended the quarter with $2.1 million cash on hand
- The proposed listing onto the London Stock Exchange has been in the works for over one year
- Castillo believes the dual listing will support its strategy of becoming a mid-tier copper group focused on Australian and emerging African projects
- Having direct access to U.K. investors is set to assist Castillo in achieve this goal
- Company shares last traded for four cents on Friday, July 24
Castillo Copper (CCZ) has entered a trading halt ahead of a capital raise and the company’s proposed listing on the London Stock Exchange.
The company will remain in a trading halt before the commencement of normal trading Friday, July 31.
Last month, Castillo Copper raised $2.1 million through a placement to sophisticated and institutional investors.
The funds will speed up drilling at the Arya prospect at the Mt Oxide pillar.
At the start of this month, the copper explorer finalised a reverse circulation drilling program for the Arya prospect, within the Mt Oxide pillar.
Drilling will include a proposed 3432 metres, for 14 holes, targeting near-surface and deeper geophysical anomalies.
Additionally, the company closed off the June quarter with $3.1 million in the bank.
Dual-listing
In June last year, Castillo Copper revealed its plans for a dual listing on the London Stock Exchange.
The proposed listing is part of the company’s strategy to become a mid-tier copper group focused on Australian and emerging African projects.
“We believe numerous value-add benefits will accrue from having direct access
to London-based investors,” Chairman Peter Meagher said.
At the time, Castillo awarded SI Capital, a leading U.K.-based corporate finance advisory firm, the mandate to facilitate a dual listing on the London Stock Exchange. SI Capital has significant resource and mining sector experience and knowledge.
“With an excellent portfolio of Australian projects primed for incremental development, coupled with potentially complementary and accretive emerging African opportunities, exposure to UK investors should aid CCZ to achieve its strategic goals,” SI Capital CEO Renato Rufus said.
On March 27, 2020, shareholders approved the issue of up to 180 million shares in a public offer to facilitate the dual listing of Castillo’s securities on the London Stock Exchange.
Company shares last traded for four cents each on Friday, July 24.