22 March 2024
CASTILLO COPPER
LIMITED
("Castillo" or the
"Company")
Completion of Sale of Broken
Hill Licenses
Castillo Copper Limited (LSE and
ASX: CCZ), a base metal explorer primarily focused on copper across
Australia and Zambia, announces an update
further to the announcement of 11 January 2024 that
it had agreed the sale of two of its 100% owned
Exploration Licences, EL 8572 and EL 8599, at the Broken Hill
Project ("Broken Hill"), to Rimfire Pacific Mining LTD
("Rimfire")(ASX:RIM). This transaction has now been completed
following the completion by Rimfire of all outstanding items
pertaining to the tenant purchase agreement.
As per agreement terms Rimfire will
now issue the following Rimfire Ordinary Shares;
·
To Castillo Copper, 8,064,516 Rimfire Ordinary
Shares ("Consideration Shares") being $150,000 worth of shares at
an issue price of $0.0186 ("Consideration Shares Issue Price"). The
issue price is the 5-day Volume Weighted Average Price (VWAP) up to
and including the last day of trading immediately before the date
of execution of the Tenement Purchase Agreement,
·
To Castillo Copper, a further $150,000 worth of
Rimfire Ordinary Shares ("Subsequent Shares") at an issue price of
$0.0279, which is 50% above the Consideration Shares Issue Price
(Subsequent Shares Issue Price). The Subsequent Shares will be
issued at the Subsequent Shares Issue Price, resulting in the issue
of 5,376,345 Shares;
·
To individual Royalty holders, 5,376,337 Rimfire
Ordinary Shares being $100,000 worth of shares at the Consideration
Shares Issue Price $0.0186 ("Royalty Holder Shares").
All Consideration Shares, Subsequent
Shares and Royalty Holder Shares are subject to a 6-month escrow
period.
For
further information, please
contact:
|
Castillo Copper Limited
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+61 8 6558 0886
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Gerrard Hall (UK),
Chairman
|
|
|
|
|
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SI
Capital Limited (Financial Adviser
and Corporate Broker)
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+44 (0)1483 413500
|
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Nick Emerson
|
|
|
|
|
|
Gracechurch Group (Financial
PR)
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+44 (0)20 4582 3500
|
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Harry Chathli, Alexis Gore, Henry
Gamble
|
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About Castillo Copper
Castillo Copper Limited is an
Australian-based explorer primarily focused on copper across
Australia and Zambia. The group is embarking on a strategic
transformation to morph into a mid-tier copper group underpinned by
its core projects:
·
A large footprint in the Mt Isa copper-belt
district, north-west Queensland, which delivers significant
exploration upside through having several high-grade targets and a
sizeable untested anomaly within its boundaries in a copper-rich
region.
·
Four high-quality prospective assets across
Zambia's copper-belt which is the second largest copper producer in
Africa.
·
A large tenure footprint proximal to Broken Hill's
world-class deposit that is prospective for
zinc-silver-lead-copper-gold and platinoids.
·
Cangai Copper Mine in northern New South Wales,
which is one of Australia's highest grading historic copper
mines.
The group is listed on the LSE and
ASX under the ticker "CCZ."