Latest news with #RaymondShorrocks
Yahoo
11 hours ago
- Business
- Yahoo
Cygnus Metals to raise $11.8m for Canadian copper-gold project
Cygnus Metals, a diversified critical minerals development company, has secured commitments to raise A$18.3m ($11.8m) through a share placement. The funds will be used to develop the Chibougamau copper-gold project in Canada. It will support exploration, resource growth and studies to advance the project's development. The funds will also provide general working capital and cover costs associated with the placement. The placement will proceed in two tranches, with the first tranche of 211.6 million shares raising A$18.2m and the second tranche, subject to shareholder approval, potentially adding A$100,000 through the issuance of 1.16 million shares to non-executive director Raymond Shorrocks or his nominees. The first tranche is expected to settle on 26 June 2025 and does not require shareholder approval. Cygnus Metals' recent drilling success at the Corner Bay deposit and the discovery of high-grade gold and copper at the new Golden Eye prospect within the Chibougamau copper-gold project in Quebec have set the stage for a resource update in the next quarter. 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." The company's pro-forma cash balance is forecasted to be approximately A$23.7m before placement costs, as of 30 June 2025. Southam added: '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 [mergers and acquisitions] 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.' In January, Cygnus Metals and Doré Copper Mining completed their merger, creating a dual-listed critical minerals company with two core assets – Doré's Chibougamau copper-gold project and Cygnus' James Bay lithium projects in Quebec. "Cygnus Metals to raise $11.8m for Canadian copper-gold project" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
The Market Online
13 hours ago
- Business
- The Market Online
Cygnus raises $16.2M to accelerate resource growth and mining studies
Cygnus Metals (TSXV:CYG) received firm commitments from institutional and sophisticated investors to raise approximately C$16.2 million (before costs) through a two-tranche share placement Proceeds from the financing will be directed toward exploration and resource growth at the Chibougamau Copper-Gold Project The company is planning a resource update next quarter Cygnus Metals stock (TSXV:CYG) last traded at $0.08 Cygnus Metals (TSXV:CYG) has received firm commitments from institutional and sophisticated investors to raise approximately C$16.2 million (before costs) through a two-tranche share placement. The capital raise will support the company's continued exploration and development activities at its flagship Chibougamau Copper-Gold Project in Québec, Canada. The placement will involve the issue of 212,790,697 fully paid ordinary shares at an issue price of $0.086 per share, representing an 8.5 per cent discount to the last closing price of $0.094 on 17 June 2025. Following the placement, Cygnus forecasts a pro-forma cash balance of approximately C$21.0 million as of 30 June 2025 (before placement costs), significantly strengthening its financial position. Proceeds from the financing will be directed toward: Exploration and resource growth at the Chibougamau Copper-Gold Project Resource conversion and permitting activities Advancing technical studies based on the 2022 Preliminary Economic Assessment (PEA) completed by Doré Copper Mining Corp. General working capital and placement-related costs The placement will be conducted in two tranches: Tranche 1 : Comprising 211,627,907 shares to raise approximately C$16.1 million under the company's existing placement capacity under to ASX listing rules. Settlement is expected on 26 June 2025. : Comprising 211,627,907 shares to raise approximately C$16.1 million under the company's existing placement capacity under to ASX listing rules. Settlement is expected on 26 June 2025. Tranche 2: Comprising 1,162,790 shares to raise up to C$88,810.00, to be issued to Non-Executive Director Raymond Shorrocks or his nominees. This tranche is subject to shareholder approval at a General Meeting anticipated in August 2025. 'We have been generating outstanding results at Chibougamau and the proceeds of this raising will enable us to unlock the value much faster,' Cygnus Managing Director David Southam said in a news release. '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.' Following a 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. Cygnus Metals Ltd. is a critical minerals exploration and development company with projects in Québec, Canada and Western Australia. Cygnus Metals stock (TSXV:CYG) last traded at $0.08. Join the discussion: Find out what everybody's saying about this stock on Cygnus Metals' Bullboard, and check out the rest of Stockhouse's stock forums and message boards. The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.
