Cygnus lists after $6m IPO

Shares in local explorer Cygnus Gold began trading on the ASX today after the company announced a $6 million initial public offering last year.

The company issued 30 million shares at 20 cents each, with Morgans Corporate acting as lead manager to the offer.

Cygnus holds a number of tenements in Western Australia's Wheatbelt, ranging from early stage exploration to drill-ready targets.

US-based equity fund Resource Capital holds an 11 per cent stake in the company, while Southern Cross Capital holds 8.24 per cent of shares.

ASX-listed Gold Road Resources also has a 6.18 per cent stake in the company.   

Michael Bohm is the company’s non-executive chairman and is currently a director with Mincor Resources, Ramelius Resources and Perseus Mining.

James Merrillees is managing director and previously worked with BHP Billiton for 12 years.

Mr Bohm said the funds raised from the IPO would be used for drilling and exploration programs.

Gilbert + Tobin acted as legal adviser while Grant Thornton was the investigating accountant.

Shares in Cygnus finished steady at 30 cents today.