REG - Castillo Copper Ltd - Completion of Sale of Broken Hill Licenses

Castillo CopperAnnouncement

22/03/2024 14:30

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RNS Number : 0199I  Castillo Copper Limited  22 March 2024

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                                             +61 8 6558 0886 
 Gerrard Hall (UK), Chairman                                          
                                                                      
 SI Capital Limited (Financial Adviser and Corporate Broker)         +44 (0)1483 413500 
 Nick Emerson                                                          
                                                                       
 Gracechurch Group (Financial PR)                                    +44 (0)20 4582 3500
 Harry Chathli, Alexis Gore, Henry Gamble                             

 

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." 

 

 

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