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Castillo Copper raising funds from UK investors to advance exploration across three pillars

The company is advancing a three-pillar strategy as it aims to become a mid-tier copper miner.

Castillo Copper Ltd - Castillo Copper Ltd to raise up to $537,000 from UK investors and begin exploration
Castillo will seek shareholder approval to raise an additional $268,000 before costs

Castillo Copper Ltd (ASX:CCZ) is raising up to £300,000 (circa A$537,000) from UK investors via convertible loan notes with the intention of advancing exploration across its three pillars strategy encompassing projects in Zambia, Queensland and New South Wales.

The company will also seek shareholder approval to raise an additional £150,000 (circa A$268,000) from sophisticated investors under the same terms.

Funds from these capital raisings will be put towards exploration work across the three pillars with priorities on expediting Zambia due diligence and a field trip to Mt Oxide in Queensland.

Support from UK investors "extremely encouraging”

Castillo Copper’s chairman Rob Scott said: “The support from UK investors for our convertible loan note is extremely encouraging, as it validates our three pillared strategic intent to grow the company into a mid-tier copper group.

“The incoming funding will allow our exploration activities to resume at full strength with our geology team’s priority focus expediting the due diligence program in Zambia as well as undertaking a field trip to Mt Oxide.

“The board would like to warmly welcome our new UK investors and looks forward to providing timely updates as development materialise.”

These funding arrangements are being made via Castillo's corporate advisor SI Capital.

Progress towards London listing

SI Capital has also confirmed that steady progress is being made towards achieving the company's London listing by Q4 2019.

This includes the appointment of international group SRK Consulting to complete a Competent Persons Report.

The unsecured convertible loan notes are broken down into two tranches, with key terms:

With the funds from tranche-1 accessible, the company’s priority is to begin exploration across the three pillars and start the process of transforming CCZ into a mid-tier copper group.  

Quick facts: Castillo Copper Ltd

Price: 0.021 AUD

ASX:CCZ
Market: ASX
Market Cap: $14.2 m
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Full interview: Castillo Copper hails geological similarities of its Zambia...

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