- Cygnus Gold (CY5) appoints Raymond Shorrocks as its Executive Chair, effective immediately
- Following the appointment, Non-Executive Chair Michael Bohm will move to the role of Non-Executive Director, while Simon Jackson will transition to the role of Non-Executive Director
- Meanwhile, Cygnus Gold plans to raise $1.1 million through the issue of roughly 9.57 million fully paid ordinary shares at 11.5 cents
- The company says the funds will go towards exploration activities, tenement holding expenses, business development opportunities and general working capital
- Cygnus Gold’s shares are down 3.23 per cent, trading at 15 cents
Cygnus Gold (CY5) has appointed Raymond Shorrocks as Executive Chair of the company.
Raymond Shorrocks has agreed to a $75,000 per annum salary and will step into the role immediately.
The new Executive Chair comes with more than 28 years’ experience in corporate finance in the mining sector. He was previously the founding Chair of Bellevue Gold (BGL) and was instrumental in the acquisition of the Bellevue Gold Project.
Cygnus said Mr Shorrocks’ experience will be invaluable to the company during its exploration of its roughly 2100-square kilometre landholding within the Yilgarn Craton in Western Australia.
Following the appointment, Michael Bohm has moved from Non-Executive Chair to Non-Executive Director, while Simon Jackson will transition to the role of Non-Executive Director.
Meanwhile, Cygnus Gold has received firm commitments to raise around $1.1 million through the issue of roughly 9.57 million fully paid ordinary shares. The shares come at a price of 11.5 cents per share.
Additionally, the company will issue up to 8.5 million unquoted options with an exercise price of 16 cents each, expiring three years from the date of issue. The issue price represents a discount of approximately 14 per cent to the 15-day VWAP.
Directors of the company will subscribe for roughly 1.8 million placement shares, with Raymond Shorrocks to be issued 3.5 million of the placement options, subject to shareholder approval.
The company said the funds raised will go towards exploration activities in the southwest, tenement holding expenses, business development opportunities and general working capital.
Cygnus Gold dipped 3.23 per cent, trading at 15 cents at 1:31 pm AEDT.