22nd Mar 2024 17:11
(Alliance News) - Castillo Copper Ltd on Friday said it completed the sale of two exploration licences at the Broken Hill project in the Kabwe district of Zambia.
In early January, the copper exploration company, with projects in Australia and Zambia, agreed to sell the EL 8572 and EL8599 licences for up to AUD300,000, around USD200,000.
At the time, Chief Executive Officer Ged Hall said: "Following the strategic review we completed late last year, the company is streamlining its portfolio of high-quality assets and focusing on those it deems as core, which the board believes will allow Castillo to most optimally generate value for shareholders. This agreement will allow Castillo to focus on the development of our portfolio of assets, while still retaining interest in the Broken Hill project."
On Friday, Castillo Copper said it will receive 8.1 million Rimfire shares, worth around AUD150,000, at an issue price of AUD0.0186. It will receive a further AUD150,000 in shares at an issue price of AUD0.0279 per share.
It also said individual royalty holders will receive 5.4 million Rimfire shares at an issue price of AUD0.0186, or worth a total AUD100,000.
Shares in Castillo Copper were untraded at 0.25 pence each in London on Friday.
By Greg Rosenvinge, Alliance News senior reporter
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