Cygnus makes strong debut

A POSITIVE day for gold companies has correlated to a strong market debut for newcomer Cygnus Gold.

Cygnus makes strong debut Cygnus makes strong debut Cygnus makes strong debut Cygnus makes strong debut Cygnus makes strong debut

Shares reached a high of A35c and closed at 30c, a 50% premium to the 20c initial public offering price.

The company has 60.68 million shares on issue and turnover on the first day was a little over 1 million.

Cygnus raised $6 million in its IPO and has $6.3 million cash to advance at least eight grassroots gold projects in the Wheatbelt region of Western Australia.

The Stanley project will attract the bulk of initial expenditure (around $2.5 million over the next two years) and is set to be drilled shortly.

The company also has the Lake Grace and Wadderin projects that Gold Road Resources has agreed to spend up to $3.7 million on over four years to earn up to 75%.