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(Alliance News) - Castillo Copper Ltd on Thursday said it plans to restructure and list its wholly-owned Broken Hill Assets Project via an initial public offering on the Australian Stock Exchange.
Castillo Copper is a base metal explorer primarily focused on copper across Australia and Zambia.
The BHA Project is located in New South Wales, Australia and comprises a sizeable footprint proximal to Broken Hill's zinc-lead-silver deposit.
Castillo Copper has appointed CPS Capital Group to restructure and then list the assets on a best endeavours basis.
The board of Castillo Copper considers the spin-out of the BHA Project to potentially be a significant value-creating event for the company, while concurrently enabling it to focus resources on developing its project in Queensland and proving up suitable targets to test-drill in Zambia, it said.
A new entity, Newco, will be formed to house the BHA Project, with Castillo expected to retain a significant interest post-IPO.
Newco is targeting to raise a minimum of AUD4.5 million up to a maximum of AUD7.0 million.
Shares in Castillo Copper were up 1.3% to 1.98 pence each in London on Thursday afternoon.
By Amrit Sahota; newsroom@alliancenews.com
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