Cygnus Metals Expands Share Capital to Boost Exploration Efforts
Introduction to Share Issuance
In a recent announcement, Cygnus Metals Limited has successfully raised funds through the issuance of additional fully paid ordinary shares. This strategic move follows a shareholder approval and aims to support the company’s various exploration projects.
Details of the Share Issuance
Cygnus Metals Limited (ASX: CY5, TSXV: CYG) disclosed that it has issued 1,162,790 shares to a nominee of Non-Executive Director Raymond Shorrocks at a price of A$0.086 per share. This effort is projected to generate a total of A$100,000 before costs, contributing to the company's capital for ongoing initiatives.
Legal Compliance
In accordance with section 708A of the Corporations Act 2001, the issuance was made without disclosure, contingent upon compliance with specific provisions of the law. The company reassures that it maintains conformity with obligations set out in Chapters 2M and sections 674 and 674A of the Act.
Key Points of the Notice
Cygnus has provided a detailed notice regarding this issuance, confirming that it has met all legal requirements and emphasizing that there is no undisclosed information that breaches legal stipulations.
Exploration Projects
Cygnus Metals is fervently engaged in exploration activities, particularly focusing on the Chibougamau Copper-Gold Project in Quebec. The company is currently awaiting assay results from ongoing drilling ventures that are pivotal to their exploration strategy.
Future Announcements
As assay results come in, Cygnus plans to announce findings and any updates in compliance with its obligations to maintain transparency and uphold the standards outlined by the JORC Code and the ASX Listing Rules.
Conclusion: Commitment to Development
The intention behind this share issuance is clearly tied to enhancing Cygnus Metals’ exploration and development capabilities. By investing in their projects, they aim to increase resource growth and establish a robust operational model.
About Cygnus Metals
Based in Australia and Canada, Cygnus Metals Limited is focused on critical minerals' exploration and development, with a particular emphasis on its Chibougamau Copper-Gold Project. The company aspires to build a hub-and-spoke model for processing in Quebec, alongside its ventures in lithium and rare earth elements (REE) in Western Australia. Driven by a strong team with a proven track record, Cygnus seeks to enhance shareholder value through successful project execution.
Frequently Asked Questions
What are the details of the new shares issued by Cygnus?
Cygnus has issued a total of 1,162,790 shares at A$0.086 each, raising A$100,000 before costs.
Why is Cygnus issuing more shares?
The share issuance aims to finance ongoing exploration projects and strengthen the company's capital position.
What projects is Cygnus currently working on?
Cygnus is actively involved in the Chibougamau Copper-Gold Project and has significant interests in lithium and REE projects.
How does Cygnus ensure compliance with legal requirements?
Cygnus has confirmed that it complies with relevant provisions of the Corporations Act, maintaining transparency and legality in its operations.
Who can I contact for more information about Cygnus?
For inquiries, you can reach David Southam, Executive Chairman, at +61 8 6118 1627 or via email at info@cygnusmetals.com.
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