Cygnus Metals Limited (ASX:CY5) and Doré Copper Mining Corp. (TSXV: DCMC) have announced the successful completion of their merger, resulting in the creation of a critical minerals exploration and development company to be dual listed on the ASX and the TSX, and are expected to be quoted on the OTCQB. This transformative merger establishes Cygnus as a leading player in the critical minerals sector, with a strategic focus on high-grade copper and lithium assets in Quebec, Canada.
On 31 December 2024, Cygnus acquired all the issued and outstanding common shares of Doré by way of a Canadian statutory plan of arrangement, finalising the integration of the two companies into a unified, dual-listed critical minerals company. Under the terms of the arrangement agreement, each former Doré shareholder is entitled to receive 1.8297 fully paid ordinary Cygnus shares for each Doré Share held immediately prior to the close of the transaction.
In addition, holders of outstanding Doré options and warrants have been issued equivalent unquoted options in Cygnus, adjusted to the Exchange Ratio. The issued capital of Cygnus following completion of the merger is set out below. The Cygnus Shares are quoted on the ASX and will commence trading on the TSXV under the ticker symbol “CYG” at market open on or about 3 January 2025.
Cygnus has also applied for quotation on the OTCQB under the ticker symbol “CYGGF”, with quotation subject to Cygnus receiving conditional and final approval of the OTC and satisfying all of the listing requirements imposed by the OTC.
Cygnus will maintain its primary listing on the ASX under the ticker symbol “CY5”, ensuring strong market access for investors in both Australia and North America. It is anticipated that the Doré Shares will be delisted from the TSXV at market close on or about 2 January 2025 and will cease to be quoted on the OTCQB and FRA shortly thereafter.
Cygnus executive chair David Southam said: “This merger is an exceptional opportunity to create value for both groups of shareholders. By combining the proven exploration and management skills of the Cygnus team with the high-grade resource and immense upside at the Chibougamau Copper-Gold Project, we have the potential to unlock substantial value. We have worked closely with Dore since the merger announcement to complete a targeted exploration programme leading up to Christmas and expect to report results early in this quarter. We will shortly start an aggressive drilling and geophysics programme focussed on achieving strong resource growth and testing new targets at a time when the world desperately wants more copper from tier-one locations”.
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