Cygnus Finalizes Merger with Doré Copper, Creating Quebec-Centric Mineral Giant
Deal News | Jan 01, 2025 | EIN
Cygnus Metals Ltd, an ASX-listed company, and Doré Copper Mining Corp, a TSXV-listed company, have completed a merger, resulting in a dual-listed minerals exploration and development company. The merger was set in motion through a Canadian statutory plan of arrangement, with Cygnus acquiring all of Dor's shares. The strategic integration focuses on two main projects in Quebec: the Chibougamau Copper and Gold Project and the James Bay Lithium Projects, paving the way for Cygnus to become a prominent player in the critical minerals sector. The merger aims to leverage Cygnus's and Doré's exploration expertise to expand resources and create substantial shareholder value. Ernest Mast, the former President and CEO of Doré, will serve as President and Managing Director of the merged entity. Cygnus aims to drive an aggressive exploration and drilling campaign, supported by cash reserves of A$14 million, as part of their strategy focused on critical minerals development.
Sectors
- Mining and Metals
- Capital Markets
- Strategic Partnerships
Geography
- Canada – Both the Chibougamau Copper and Gold Project and the James Bay Lithium Projects are located in Quebec, Canada.
- Australia – Cygnus Metals Limited is listed on the Australian Securities Exchange and part of its managerial operations are based there.
Industry
- Mining and Metals – The merger involves companies focused on the exploration and development of critical minerals such as copper and lithium.
- Capital Markets – The dual-listing on the ASX and TSXV, along with the upcoming OTCQB listing, relates to capital market activities.
- Strategic Partnerships – The merger represents a strategic partnership to consolidate assets and expertise for resource expansion.
Financials
- A$14 million – Cash reserves available for exploration and development initiatives post-merger.
- 1.8297 – The exchange ratio of Cygnus shares for each Doré share during the merger.
- A$11 million – Capital raised by Cygnus in October 2024 to support their financial position post-merger.
- 310,662,984 Cygnus Shares – Shares issued to Doré shareholders as part of the merger.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Cygnus Metals Limited | Bidding Company | Company | An ASX-listed company focused on exploration and development of critical minerals. |
| Doré Copper Mining Corp. | Target Company | Company | A TSXV-listed company involved in copper and gold mining projects. |
| David Southam | Executive Chair | Person | Executive Chair of the merged entity, bringing expertise in corporate strategy and minerals exploration. |
| Ernest Mast | President & Managing Director | Person | Previously CEO of Doré, now leads the unified company through managerial expertise. |