Castillo Copper completes Â£1.35m IPO to list on LSEwritten by Bella Palmer
The base metal explorer now has a market capitalisation of £17.16 million
Australia’s Castillo Copper (CCZ) has completed a £1.35 million initial public offering to list on the London Stock Exchange.
The base metal explorer announced its intention to list on July 28 this year, explaining that it was a “profile enhancing move” that would provide access to a new group of copper-savvy institutional investors.
Under the terms of the offer, Castillo Copper issued a total of 79,117,618 new ordinary shares at 1.7 pence each, resulting in a market capitalisation of £17.16 million.
Simon Paull, Managing Director of Castillo Copper, said the company’s dual listing is a milestone achievement that will help to drive the business towards becoming a mid-tier copper producer.
The London listing significantly enhances the company’s profile and gives us access to UK institutional investors that understand the global copper industry dynamics and are prepared to fund highly prospective projects, Paull said.
We welcome our new shareholders and look forward to updating them and the wider market during this exciting period of development for Castillo Copper, he added.
Castillo Copper intends to use the proceeds from the offering to carry out a drill program at its Mt Oxide project in northwest Queensland, along with geological mapping, geochemistry, ground physics and drone magnetic surveys to identify additional targets.
The company also intends to advance work at its Cangai project in northern New South Wales, which is expected to include an aeromagnetic program and further exploration activities ahead of a scoping study and, ultimately, a bankable feasibility study.
An update on the proposed drill campaign at the Mt Oxide project will be released in due course.
Castillo Copper is trading 2.27 per cent higher in midday trade, with shares priced at 4.5 cents.
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