06:40 AM EST, 01/02/2025 (MT Newswires) -- Cygnus Metals (CYG.V) and Dore Copper Mining ( DRCMF ) on Wednesday said they have completed their merger, creating a critical minerals exploration and development company to be dual listed on the Australian Securities Exchange and the TSX Venture Exchange.

The combined company's strategic focus is on high-grade copper and lithium assets in Quebec. The merger brings together Dore's high-grade Chibougamau copper-gold project in Quebec and Cygnus' James Bay lithium projects.

In the period leading up to the merger closing, Dore and Cygnus implemented a targeted copper exploration program, with results expected to be released early in the first quarter.

"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," said Cygnus Executive Chair David Southam.

Each former Dore shareholder is entitled to receive 1.8297 fully paid ordinary Cygnus shares for each Dore share held immediately prior to the deal closing.

Holders of outstanding Dore options and warrants have also been issued equivalent unquoted options in Cygnus, adjusted to the exchange ratio.

The Cygnus shares are quoted on the ASX and will start trading on the TSXV under the ticker symbol "CYG" at market open on Jan. 3. Cygnus has also applied for quotation on the OTCQB under the ticker symbol "CYGGF."

Cygnus will maintain its primary listing on the ASX under the ticker symbol "CY5."

Dore shares will be delisted from the TSXV at market close on Jan. 2 and will cease to be quoted on the OTCQB and FRA.

The combined company's board is now composed of six members, with three directors each from Cygnus and Dore.

Southam will continue as executive chair of the combined company. Ernest Mast, the former president and CEO of Dore, will serve as the president and managing director.

On the board, Kevin Tomlinson and Raymond Shorrocks will be representing Cygnus, while Mario Stifano and Brent Omland will be representing Dore.

Duncan Grieve will serve as the vice president of exploration, Nicholas Kwong as COO, Carl Travaglini as CFO and joint company secretary, and Maddison Cramer as joint company secretary.