Castillo Copper Ltd (ASX:CCZ) has had its prospectus published in relation to admitting its ordinary shares to the Standard Segment of the Official List of the Financial Conduct Authority (FCA) and London Stock Exchange (LSE).
As a result, the copper-focused company expects that it will be admitted to trading on the LSE on August 3, 2020.
Concurrently, Castillo Copper is placing more than 79 million ordinary shares to raise £1,345,000 before costs at a price of £0.017 each.
This process also includes unlisted options attached on a one-for-one basis exercisable at £0.028 and expiring on September 1, 2023.
The dual listing is expected to support the company’s aim to become a mid-tier copper producer which involves three core pillars across Australia and Zambia.
It is central to CCZ’s plans as it is a profile enhancing move which facilitates access to a new and sizeable group of institutional investors.
Castillo Copper’s managing director Simon Paull said: “Our team has worked tirelessly behind the scenes to progress the dual listing on the LSE, which is a significant achievement in Castillo Copper’s journey towards transforming into a copper producer.
“The board’s main objectives in securing a dual London listing include a materially enhanced profile relative to peers, access to UK institutional investors that understand the global copper industry dynamics and are prepared to fund highly prospective projects.”
CCZ is a copper-focused exploration and development group with three core pillars:
- Mt Oxide in the Mt Isa copper-belt of Queensland, Australia, which delivers strong exploration upside with several high-grade targets including an interpreted 130 metre-thick by 1,500 metres by 450 metres massive sulphide bedrock conductor that is about to be drilled;
- Four high-quality prospective assets across Zambia’s copper-belt which is the second-largest copper producer in Africa; and
- Cangai Copper Mine in northern New South Wales, which is one of Australia’s highest grading historic copper mines.
Assuming final approvals are secured by the FCA and LSE, the CCZ board expects the admission of 1,009,938,722 ordinary shares to become effective and unconditional dealings in CCZ’s ordinary shares will commence on the LSE on August 3.
In London, one CCZ share will trade on the LSE as one depositary interest. There is full transferability between the LSE and ASX, with investors free to move their holdings between the two bourses.