Chibougamau Copper-Gold Project, Canada
More strong drilling results to feed into coming resource update
Results such as 4.4% CuEq over 9.1m at the Project’s flagship Corner Bay deposit; these follow the recent high-grade results at the nearby Golden Eye prospect…
20 June
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
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:
o Tranche 1 – unconditional tranche to raise approximately A$18.2m; and
o 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.
