Cygnus raises $18.3m to accelerate resource growth and mining studies
TORONTO and PERTH, Australia, June 19, 2025 (GLOBE NEWSWIRE) --
Highlights
Cygnus has received firm commitments totalling A$18.3m via a share placement to institutional and sophisticated investors
The Placement was priced at A$0.086 per share, being an 8.5% discount to the last sale price of A$0.094
The Placement was extremely well-supported with strong demand from existing and new investors, particularly North American investors, resulting in applications being scaled back
The Placement will be split into two tranches:
Tranche 1, unconditional tranche to raise approximately A$18.2m; and
Tranche 2, A$0.1m tranche to a director, subject to shareholder approval
Following a highly successful drilling campaign at the flagship Corner Bay deposit and the identification of high-grade gold/copper at the new Golden Eye prospect, the Company is planning a Resource update next quarter
Funds from the Placement will be used for Resource growth, Resource conversion, exploration of multiple prospects, permitting and advancing studies
Canaccord Genuity and Euroz Hartleys acted as Joint Lead Managers to the Placement.
Cygnus Managing Director David Southam said: "We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster."There is clearly immense scope to grow and upgrade the project's resource on the back of Corner Bay and Golden Eye. Given this potential, we want to move as quickly as possible on the exploration front and advance our study work at the same time."This comes against a backdrop of increased M&A activity in the copper space which demonstrates that finding high-grade copper/gold projects with infrastructure in mining friendly jurisdictions are rare, we just happen to have one of the best".
Cygnus Metals Limited (ASX:CY5) is pleased to advise that it has received commitments from institutional and sophisticated investors to raise A$18.3 million (before costs) through the issue of 212,790,697 fully paid ordinary shares in the Company ("Shares") at an issue price of A$0.086 per Share ("Placement"). Pro-forma cash at bank at 30 June 2025 is forecast to be approximately A$23.7m (before Placement costs).
Use of funds
Proceeds of the Placement are planned to be used at the Chibougamau Copper-Gold ...
