QComm has 3 applications targeting high grade copper and cobalt systems in New South Wales and Queensland.
Kungabaran ELA 5446 is an application for an exploration licence covering 153 square kilometres prospective for copper and cobalt in the New England Orogen of New South Wales.
Peak Hill ELA 5447 is an application for an exploration licence covering 57 square kilometres prospective for copper and cobalt 16 kilometres southwest of Broken Hill in New South Wales.
Mt Oxide EPM 26462 is an exploration permit covering 214 square kilometres prospective for copper and cobalt in the Mt Isa region of northwest Queensland.
Shares and performance rights to be issued to QComm shareholders as consideration for the proposed acquisition will comprise 21.5% of the expanded issued capital of Castillo.
To assist the company complete the proposed acquisition, Castillo will undertake a placement of at least 33.3 million shares priced at $0.015 to raise at least $500,000.
Castillo will also seek shareholder approval to issue up to 66.6 million shares priced at $0.015 pursuant to a capital raising to raise a further $1 million.
Shares in Castillo are trading up 45% in 2017, currently priced at $0.019.