- Castillo Copper (CCZ) has raised $2.1 million and will use the money to accelerate drilling at the Mt Oxide pillar in Queensland
- More than 95 million shares will be issued to sophisticated and institutional investors at a price of 2.2 cents each
- Investors will also receive one free attaching option for every share issued
- These options will be priced at five cents each and will expire within three years of issue
- Castillo Copper has also announced that it is in the final stages of completing its listing on the Standard Board of the London Stock Exchange
- Company shares are up an even four per cent on the market and are trading for 2.6 cents each
Castillo Copper (CCZ) has raised $2.1 million and will use the money to accelerate drilling at the Mt Oxide pillar in Queensland.
A total 95,454,545 fully paid ordinary shares will be issued to sophisticated and institutional investors at 2.2 cents per share.
This price is a 12 per cent discount to the closing price on June 16 of 2.5 cents.
Investors will also receive one free attaching unlisted option for every share issued. These options will be priced at five cents each and will expire within three years of issue.
The money raised from this placement will be used to speed-up drilling at the Arya prospect at the Mt Oxide pillar.
Arya has a massive sulphide target that is roughly 130 metres thick and 426 metres deep, and two shallow ore targets that are 25 metres deep and 25 metres thick.
An approval has been secured to progress with drilling, however, this is subject to finalising timelines with a drilling contractor.
“Our immediate priority is to commence drilling the Arya prospect, targeting the interpreted massive sulphide and supergene ore targets,” Managing Director Simon Paull said.
“Encouragingly, with eight additional prospects on the radar, there remains a substantial pipeline of exploratory work ahead to complete at the Mt Oxide pillar,” he added.
Castillo Copper has also announced that it is in the final stages of completing its listing on the Standard Board of the London Stock Exchange.
Company shares are up an even four per cent on the market and are trading for 2.6 cents each at 2:14 pm AEST.