Australia's Cygnus Gold hits record high, places shares at premium

Cygnus Metals

13/10/2022 04:45

** Shares of Cygnus Gold  CY5.AX  jumps as much as 14.7% to
A$0.505, to hit their record high
    ** The gold explorer says it received commitments to raise
about A$6.3 million ($3.95 million) via share placement,
utilising "flow-through shares" tax provisions  urn:newsml:reuters.com:*:nFWN31D1JN
    ** Says these shares will be sold immediately via block
trade at A$0.35 per share
    ** Co says capital raised from the placement will be used to
fund exploration on the Pontax Lithium Project in Northern
Quebec, Canada
    ** Issue price of A$0.73 per share is at 66% premium to co's
"last sale price" on Oct. 10, before entering a trading halt   
    ** Adds a further A$0.4 mln will be raised via a placement
at $0.35 per share
    ** Shares track best day since Oct. 7,  if gains hold 
    ** Stock has more than doubled this year, as of last close
($1 = 1.5954 Australian dollars)
 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))