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Castillo Copper shares trade on LSE after dual listing

written by Bella Palmer
shares-trade

The company raised gross cash proceeds of £1.345 million, capitalising Castillo at £17.16 million

Castillo Copper Ltd has completed its dual listing process with shares now trading on the main market for listed securities of the London Stock Exchange plc. (LSE).

The entire issued share capital of 1,009,938,722 ordinary shares has been admitted to the standard segment of the Official List of the Financial Conduct Authority and to trading on the main market for listed securities of the LSE.

This process also saw the company raise gross cash proceeds of £1.345 million via the placing of 79,117,618 new ordinary shares at a price of 1.7 pence each, capitalising Castillo at £17.16 million.

Managing director Simon Paull said: We are delighted to have completed our dual listing on the London Stock Exchange, a milestone for the company and one that will help us drive the business forward towards our goal to become a mid-tier copper producer.

He said, 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.

The company has a three-pillar strategy developed to enable it to reach its copper-producing goal with two pillars in Australia, Mt Oxide and Cangai, and the Zed Projects in Zambia.

Castillo intends to allocate proceeds from the LSE listing at the three pillars along with working capital.

Its strategy focuses on resource exploration projects that have the potential, through the application of disciplined and structured exploration and analysis, to be progressed towards the development of a mining operation.

The three pillars are:

Mt Oxide Project

CCZ is targeting the development of a viable copper mining operation at the Mt Oxide Project, which has significant exploration upside with several high-grade targets including an interpreted 130 metre-thick by 1,500 by 450 metres potential massive sulphide bedrock conductor that is about to be drilled.

The project is about 150 kilometres north of Mt Isa in northwest Queensland. It is within the proximity of several historic and currently operating copper mines including Lady Annie and Capricorn Copper.

Zed Projects

CCZ is the sole shareholder of Zed, an Australian company which holds four high-quality prospective assets across Zambia’s copper-belt, the second-largest copper producer in Africa.

Castillo intends to initially focus on the Luanshya Project, which sits on the Zambian copper belt’s Lufilian Arc geological structure.

The second priority is the Mkushi Project, which contiguously surrounds an operating open-pit copper mine, in a region proven to be highly prospective for copper-gold mineralisation.

CCZ is working towards establishing a Zambian in-country presence, utilising local geologists and joint venture partner teams.

Cangai Project

The Cangai Project, in northern New South Wales, is where the Cangai Copper Mine is located, one of Australia’s highest grading historic copper mines.

CCZ’s strategy is the development and expansion of Cangai Copper Mine, which comprises a volcanogenic massive sulphide deposit and up to 14.45% copper in assayed diamond core intersections.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

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