- Castillo Copper will raise up to $2 million to develop its three core copper pillars in Zambia and Australia
- The company aims to raise a minimum of $1 million and up to a maximum of $2 million. The issue price for the placement is $0.02 per share
- Castillo has also proposed to be listed on the London Stock Exchange
- On market close, Custillo remains steady and trading at 1.6¢ apiece
Castillo Copper will raise up to $2 million to develop its three core copper pillars in Zambia and Australia.
The company aims to raise a minimum of $1 million and up to a maximum of $2 million. The issue price for the placement is $0.02 per share.
Free attaching options exercisable at $0.05 within 3 years from the issue (Options) will be issued with the Shares on the basis of one Option for every three Shares issued.
Funds from the placement will be used to progress three core copper pillars across Zambia and Australia, as part of its strategy to transform into a mid-tier copper group.
Pillar I is the Changi Copper Mine in New South Wales. The company says plans are in place to advance this project and is getting ready to complete a Bankable Feasibility Study.
Pillar II is the Mt Oxide Project in North Queensland. This project is located in the Mt Isa Copperbelt and has three priority targets, which includes a sizeable massive sulphide conductor, historic deposit and mine.
Pillar III is Zambia, which is the second-largest copper producer in Africa. Zambia has four highly prospective assets across the Copperbelt which include priority Mkushi and Luanshya projects, that are near operating copper mines.
Merchant Corporate Advisory an affiliate of Merchant Group, will be the lead manager for this placement.
Castillo Copper has proposed to be listed on the London Stock Exchange (LSE).
“The Board remains completely committed to the secondary listing on the LSE which is progressing steadily,” the company said.
“Currently, all relevant inputs required to lodge the prospectus are nearing finalisation which should enable the prospectus to be lodged for its first LSE reading,” it added.
On market close, Custillo remains steady and trading at 1.6¢ apiece.