06:17 AM EDT, 06/20/2025 (MT Newswires) -- Cygnus Metals ( CYGGF ) late on Thursday said it has received commitments for A$18.3 million via a share placement of 212.8 million ordinary shares at A$0.086 per share.

The price represents an 8.5% discount to the last sale price of A$0.094, the company said. The placement garnered strong demand from existing and new investors, particularly North American investors.

The placement will be split into two tranches, the first being an unconditional tranche to raise about A$18.2 million and the second being an A$0.1 million tranche to a director, subject to shareholder approval.

Proceeds will be used at the Chibougamau copper-gold project in Quebec to cover exploration, resource growth, resource conversion, permitting and advancing studies from the preliminary economic assessment completed in 2022. Other uses include general working capital.

The company is planning a resource update next quarter following a successful drilling campaign at the flagship Corner Bay deposit and the identification of high-grade gold and copper at the new Golden Eye prospect.