Cygnus Metals (ASX:CY5) is “on track to become a significant Canadian copper exploration and development company” after receiving court approval for its merger with Doré Copper Mining (TSX-V:DCMC).
The arrangement will see Cygnus take control of Doré’s Chibougamau Copper-Gold Project in Québec, which hosts a resource measuring 10.8 million tonnes @ 3.5% copper-equivalent — or 306,000 tonnes of contained copper and 314,000 ounces of gold — as well as a 900,000-tonnes-per-year processing facility.
According to the deal originally announced in mid-October, Doré shareholders will receive 1.8297 Cygnus shares for every Doré share held, after which Cygnus and Doré shareholders will own 55% and 45%, respectively, of the merged company.
With approval from Ontario’s Supreme Court of Justice now in hand, the transaction is expected to close by the end of December. Shares in Doré will then be removed from the TSX Venture…
