Latest news with #DavidSoutham
Yahoo
11-07-2025
- Business
- Yahoo
Cygnus Metals Limited: Issue of Performance Rights
TORONTO, July 11, 2025 (GLOBE NEWSWIRE) -- Cygnus Metals Limited ('Cygnus' or the 'Company') advises that it has issued an aggregate of 67,050,000 performance rights ('Performance Rights') to directors, and key employees and consultants, under the Company's Omnibus Equity Incentive Plan ('Plan'). Shareholders approved the Plan and the issue of Performance Rights to directors at the Company's annual general meeting held on May 14, 2025. The Performance Rights to key personnel were issued on the same terms and conditions as the director Performance Rights, as set out in the notice of annual general meeting released to ASX on April 14, 2025. The Performance Rights vest on the later of (a) one year after their date of issue, and (b) the successful completion of specific key performance objectives within three years from the date of issue. Each vested Performance Right is exercisable to one fully paid ordinary share in the capital of the Company (net of applicable withholdings) and will expire on May 31, 2030 unless exercised on or before this date. The objective of Cygnus' Plan is to promote the long-term success of the Company and the creation of shareholder value by aligning the interests of eligible persons under the Plan with the interests of the Company. This announcement has been authorised for release by the Board of Directors of Cygnus. David SouthamExecutive ChairT: +61 8 6118 1627E: info@ Ernest MastPresident & Managing DirectorT: +1 647 921 0501E: info@ Media:Paul Armstrong Read Corporate +61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder 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
Yahoo
20-06-2025
- 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
20-06-2025
- 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.
Yahoo
19-06-2025
- Business
- Yahoo
Cygnus raises $18.3m to accelerate resource growth and mining studies
The raising follows outstanding drilling results at the flagship Corner Bay deposit and Golden Eye prospect, which both offer substantial upside 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 Project to cover exploration, resource growth, resource conversion, permitting and advancing studies from the preliminary economic assessment ('PEA') previously completed by Doré Copper Mining Corp. in 2022. Other uses include general working capital and costs associated with the Placement. Note: Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts. Placement Cygnus will undertake the Placement in two tranches: Tranche 1 of 211,627,907 Shares ('Tranche 1 Shares') will be conducted using the Company's existing capacity under ASX Listing Rules 7.1 (126,025,591) and 7.1A (84,925,316) to raise a total of A$18,200,000 (before costs), with settlement expected to occur on 26 June 2025. The first tranche is not subject to shareholder approval. Tranche 2 of 1,162,790 Shares ('Tranche 2 Shares') will be issued to Non-Executive Director Raymond Shorrocks or his nominees, subject to shareholder approval, to raise up to an additional A$100,000 (before costs). The second tranche is conditional and will be subject to shareholder approval at a forthcoming General Meeting expected to be held in August 2025. The issue price represents a discount of 8.5% to the last closing price of A$0.094 on Tuesday, 17 June 2025 and an 11.1% discount to the 15-day VWAP of A$0.097. Indicative Timetable* Event Date Trading Halt lifted Friday, 20 June 2025 Settlement of Tranche 1 Shares Thursday, 26 June 2025 Issue and application for quotation of Tranche 1 Shares Friday, 27 June 2025 General meeting of Cygnus shareholders to approve issue of Tranche 2 Shares Targeting August 2025 Settlement of Tranche 2 Shares Shortly after receipt of shareholder approval * The above timetable is indicative only and remains subject to change at Cygnus' discretion, subject to compliance with the Corporations Act, the ASX Listing Rules and other applicable laws. Cygnus reserves the right to change the timetable, subject to regulatory requirements. David Southam Ernest Mast Media: Executive Chair President & Managing Director Paul Armstrong T: +61 8 6118 1627 T: +1 647 921 0501 Read Corporate E: E: T: +61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder in to access your portfolio
Yahoo
19-06-2025
- Business
- Yahoo
Cygnus raises $18.3m to accelerate resource growth and mining studies
The raising follows outstanding drilling results at the flagship Corner Bay deposit and Golden Eye prospect, which both offer substantial upside 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 Project to cover exploration, resource growth, resource conversion, permitting and advancing studies from the preliminary economic assessment ('PEA') previously completed by Doré Copper Mining Corp. in 2022. Other uses include general working capital and costs associated with the Placement. Note: Cygnus cautions that the PEA is a preliminary technical, conceptual and economic study undertaken by Doré of the initial evaluation and potential development of the Chibougamau Project. It is at scoping study level only, which is based on a lower level of technical assessment that is not sufficient to support the estimation of Ore Reserves and is inherently uncertain. The production targets and forecast financial information disclosed in the PEA are underpinned by Measured Mineral Resources (approximately 1.17%), Indicated Mineral Resources (approximately 32.10%) and Inferred Mineral Resources (approximately 66.73%). However, Cygnus is not able to disclose the outcomes of the PEA as the significant proportion of Inferred Resources included in the Life of Mine means that pursuant to ASX and ASIC guidance there is not considered to be sufficiently reasonable grounds for the production targets and forecast financial information disclosed in the PEA. Accordingly, Cygnus is not disclosing the production targets and forecast financial information reported in the PEA and cautions investors against making investment decisions based on such targets and forecasts. Placement Cygnus will undertake the Placement in two tranches: Tranche 1 of 211,627,907 Shares ('Tranche 1 Shares') will be conducted using the Company's existing capacity under ASX Listing Rules 7.1 (126,025,591) and 7.1A (84,925,316) to raise a total of A$18,200,000 (before costs), with settlement expected to occur on 26 June 2025. The first tranche is not subject to shareholder approval. Tranche 2 of 1,162,790 Shares ('Tranche 2 Shares') will be issued to Non-Executive Director Raymond Shorrocks or his nominees, subject to shareholder approval, to raise up to an additional A$100,000 (before costs). The second tranche is conditional and will be subject to shareholder approval at a forthcoming General Meeting expected to be held in August 2025. The issue price represents a discount of 8.5% to the last closing price of A$0.094 on Tuesday, 17 June 2025 and an 11.1% discount to the 15-day VWAP of A$0.097. Indicative Timetable* Event Date Trading Halt lifted Friday, 20 June 2025 Settlement of Tranche 1 Shares Thursday, 26 June 2025 Issue and application for quotation of Tranche 1 Shares Friday, 27 June 2025 General meeting of Cygnus shareholders to approve issue of Tranche 2 Shares Targeting August 2025 Settlement of Tranche 2 Shares Shortly after receipt of shareholder approval * The above timetable is indicative only and remains subject to change at Cygnus' discretion, subject to compliance with the Corporations Act, the ASX Listing Rules and other applicable laws. Cygnus reserves the right to change the timetable, subject to regulatory requirements. David Southam Ernest Mast Media: Executive Chair President & Managing Director Paul Armstrong T: +61 8 6118 1627 T: +1 647 921 0501 Read Corporate E: E: T: +61 8 9388 1474 About Cygnus Metals Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder 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
