Castillo raises A$11m for exploration drive
PERTH (miningweekly.com) - ASX-listed Castillo Copper will raise A$11.7-million through a share placement to institutional and sophisticated investors, to fund exploration work at its Queensland and Zambia projects.
The company will issue more than 278.3-million shares, at a price of 4.2c each, in two tranches.
The first tranche placement of 232-million shares will be conducted under the company’s existing placement capacity, while the second tranche of more than 40.3-million shares will be subject to shareholder approval.
“Due to strong demand from current and new institutional investors in Australia and the UK, we now have ample funds to ramp up our exploration efforts,” said Castillo Copper MD Simon Paull.
“Over the next few months, we will test drill multiple copper targets across the Big One deposit, Arya and Sansa prospects and within our core Mt Oxide project. Concurrently, we intend to expedite exploration programmes at the Luanshya and Mkushi projects in Zambia.”
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