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"Use of the flow-through provisions will enable Cygnus to minimise issued capital dilution significantly," Cygnus said.
In addition, Cygnus directors are to subscribe for $400,000 worth of shares priced at 35c.
The end result is Cygnus will have about $10 million cash when it starts at 10,000m diamond core drilling program next month on its ground in the lithium prospective James Bay district of Quebec.
Cygnus shares have been on a roll since former Mincor Resources managing director David Southam was appointed managing director early this month.
Southam is participating in the raising.
Shares in Cygnus were down 5.7% to 41.5c in morning trade, capitalising the company at $61 million.
The stock was below 15c in July.
