Australia's Cygnus Metals gains most in 4 yrs on Dore Copper acquisition

Cygnus Metals

17/10/2024 05:33

** Shares of Cygnus Metals  CY5.AX  rise as much as 100% to
A$0.16, biggest intraday pct jump since early July 2020
    ** Stock hits highest since Nov 28, 2023
    ** Metal explorer says will acquire Canada-based Dore Copper
Mining Corp  DCMC.V  in an all-stock deal valued at A$24.8 mln
($16.6 mln)
    ** Says acquisition to create a Canadian-focused copper and
lithium co with assets in Quebec
    ** Shares were put on trading halt pending announcement on
equity merger and capital raise on Oct. 15 
    ** Co also receives firm commitments to raise A$11 mln via a
placement at issue price A$0.072, a 10% discount to last close
    ** About 9.5 mln shares change hands, 20.5x the 30-day avg
of 462,000 shares
    ** Cygnus up 1.9% YTD

($1 = 1.4941 Australian dollars)

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))