As part of its dual listing process, the base metals explorer is placing more than 79.11-million ordinary shares, along with unlisted attached options on a one-for-one basis to raise A$2.4-million before costs, at a price of 3.2c each with UK investors.

The company would also issue a further 1.76-million shares and 1.58-million unlisted options to its corporate broker as remuneration for the capital raise.

Castillo is expecting that more than one-billion shares will trade on the LSE.

Castillo holds a number of copper tenements in Australia and Zambia, including the Mt Oxide project, in Queensland, the Cangai copper mine in New South Wales, and four prospective assets in Zambia.