Oakland Resources buys up Chile's Castillo Copper

Sydney-listed Oakland Resources (ASX:OKL) has signed an implementation agreement for the acquisition of private Chilean copper explorer Castillo Copper.

Proactive Investors reports that Oakland will acquire all of the issued capital for Castillo via the issuance of a single Oakland share for each Castillo share held.

The deal will entail the issuance of slightly over 50 million Oakland shares, which based on Oakland's last price of A$0.042 translates into a total consideration of approximately $2.1 million.

Castillo currently owns three Chilean copper properties, including the Posada Project in the Atacama Fault Zone of northern Chile, the Rio Rocin project in Chile's Central Zone, and the Resguardo project on the flanks of the Cerro Fraga.