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.
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