Cygnus Metals Limited Expands Its Share Issuance
Cygnus Metals Limited is excited to announce a major milestone in its financial strategy, having successfully issued a total of 211,627,907 fully paid ordinary shares at A$0.086 each as part of Tranche 1 of its Placement. This initiative has brought in a substantial A$18.2 million before costs, demonstrating strong market support and confidence in the company’s ongoing projects.
Understanding the Placement Structure
Tranche Details
The shares from this placement were issued under the existing capacities available to Cygnus Metals Limited according to ASX Listing Rules 7.1, with a breakdown of 126,702,591 shares and 7.1A, comprising 84,925,316 shares. This strategic move not only enhances the company’s capital foundation but also showcases its ability to attract investment in a competitive landscape.
Future Issuances Awaiting Approval
Looking ahead, Cygnus intends to issue an additional 1,162,790 shares under Tranche 2 of this Placement to Non-Executive Director Raymond Shorrocks or his nominees. However, this issuance is contingent upon obtaining shareholder approval at an upcoming general meeting.
Employee Involvement and Performance Rights
In alignment with its commitment to employee engagement and reward, Cygnus has also issued 306,129 shares to employees through the conversion of 350,000 vested Performance Rights from its Employee Securities Incentive Plan. This move emphasizes the company's goal of aligning employees' interests with those of shareholders, further solidifying the culture of shared success.
Compliance with Disclosure Regulations
Cygnus issued these new shares without prior disclosure under section 708A(5) of the Corporations Act 2001 (Cth), adhering strictly to compliance requirements outlined in section 708A(6). Consequently, the company is providing a notice that confirms compliance with key provisions of the Act. This includes affirming that there is no undisclosed information pertinent to sections 708A(7) and 708A(8) of the Act.
Ongoing Exploration Efforts
As part of its commitment to growth, Cygnus Metals is actively engaged in exploration and drilling programs at its Chibougamau Copper-Gold Project. The team is eagerly awaiting assay results from its ongoing drill program, which will be shared once all data has been fully analyzed. This transparency aligns with Cygnus’s dedication to fulfilling its continuous disclosure obligations under the ASX Listing Rules and the JORC Code.
Leadership Contact Information
This announcement has received authorization from the Board of Directors of Cygnus Metals. For further inquiries, the company encourages direct communication:
David Southam
Executive Chair
T: +61 8 6118 1627
E: info@cygnusmetals.com
Ernest Mast
President & Managing Director
T: +1 647 921 0501
E: info@cygnusmetals.com
Media:
Paul Armstrong
Read Corporate
+61 8 9388 1474
About Cygnus Metals
Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is a dynamic exploration and development company focusing on critical minerals. With promising projects in Quebec, Canada, and Western Australia, Cygnus is dedicated to advancing its Chibougamau Copper-Gold Project through aggressive exploration initiatives aimed at resource growth. In addition, the company is exploring significant lithium assets in the James Bay district and has strategic REE and base metal projects in Western Australia. The experienced team at Cygnus specializes in transforming exploration success into profitable operations, creating added value for shareholders.
Frequently Asked Questions
1. What is the purpose of the recent share issuance?
The share issuance aims to raise capital to support ongoing projects and operational growth, particularly focusing on the Chibougamau Copper-Gold Project.
2. How many shares were issued in Tranche 1 of the Placement?
In Tranche 1, a total of 211,627,907 shares were issued at A$0.086 each, generating A$18.2 million before costs.
3. What conditions surround the future share issuance in Tranche 2?
Tranche 2 will issue 1,162,790 shares to Non-Executive Director Raymond Shorrocks, pending shareholder approval at a general meeting.
4. What compliance obligations does Cygnus adhere to regarding share issuance?
Cygnus must comply with the Corporations Act 2001, ensuring that all disclosures meet legal requirements and best practices.
5. What exploration activities is Cygnus currently pursuing?
The company is engaged in exploration and drilling at its Chibougamau Copper-Gold Project and awaits results from an ongoing drill program.
