Central Asia Metals PLC (CAML.L) on Tuesday announced it has agreed to acquire Cygnus Metals Ltd. (CYGGF,CY5.AX, CYG.V) in a deal valued at approximately A$232 million through an all-scrip scheme of arrangement.
The deal is expected to close in September 2026.
Under the terms of the deal, Cygnus shareholders will receive 0.06 new CAML shares for each Cygnus share held.
The deal values Cygnus at about A$0.176 per share and represents a 60% premium to its last closing price.
Cygnus shareholders are expected to own around 30% of the enlarged group upon completion of the transaction.
The deal will add the Chibougamau copper-gold project in Québec, Canada, to Central Asia Metals' portfolio.
The deal will increase the company's exposure to copper and gold.
The companies said the acquisition will enhance scale, geographic diversification and future growth potential, combining producing assets with a near-term development project.
Central Asia Metals is currently trading 0.39% higher at GBp 156 on the London Stock Exchange.
Cygnus is currently trading 8% lesser at CAD 0.1150 on the TSX Venture Exchange.
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