Further update on Scheme of Arrangement

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Postmedia has not reviewed the content. by GlobeNewswire Further update on Scheme of ArrangementAuthor of the article:TORONTO and PERTH, Western Australia, Sept. 21, 2026 (GLOBE NEWSWIRE) — Cygnus Metals Limited (ASX: CY5; TSXV: CYG; OTCQB: CYGGF) (“Cygnus” or the “Company”) refers to the proposed transaction under which Central Asia Metals PLC (AIM: CAML) (“CAML”) will acquire 100% of the shares in Cygnus pursuant to a scheme of arrangement under Part 5.1 of the Corporations Act 2001 (Cth) (“Scheme”).THIS CONTENT IS RESERVED FOR SUBSCRIBERS ONLYSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman, and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.SUBSCRIBE TO UNLOCK MORE ARTICLESSubscribe now to read the latest news in your city and across Canada.Exclusive articles from Barbara Shecter, Joe O'Connor, Gabriel Friedman and others.Daily content from Financial Times, the world's leading global business publication.Unlimited online access to read articles from Financial Post, National Post and 15 news sites across Canada with one account.National Post ePaper, an electronic replica of the print edition to view on any device, share and comment on.Daily puzzles, including the New York Times Crossword.REGISTER / SIGN IN TO UNLOCK MORE ARTICLESCreate an account or sign in to continue with your reading experience.Access articles from across Canada with one account.Share your thoughts and join the conversation in the comments.Enjoy additional articles per month.Get email updates from your favourite authors.THIS ARTICLE IS FREE TO READ REGISTER TO UNLOCK.Create an account or sign in to continue with your reading experience.Access articles from across Canada with one accountShare your thoughts and join the conversation in the commentsEnjoy additional articles per monthGet email updates from your favourite authorsSign In or Create an AccountCapitalised terms in this announcement that are not otherwise defined have the meanings given to them in the Scheme Booklet dated 13 August 2026 (“Scheme Booklet”).As previously announced to ASX on 14 September 2026, the Scheme remains subject to a number of outstanding Conditions Precedent.Get the latest headlines, breaking news and columns.By signing up you consent to receive the above newsletter from Postmedia Network Inc.A welcome email is on its way. If you don't see it, please check your junk folder.The next issue of Top Stories will soon be in your inbox.We encountered an issue signing you up. Please try againCygnus convertible securitiesCygnus is pleased to advise that in respect of the Condition Precedent that related to the required treatment of Cygnus Options and Cygnus Share Rights:all such Cygnus Options have either been exercised or the relevant optionholder has entered into a required option replacement deed; andall such Cygnus Share Rights have been converted into Cygnus Shares, andaccordingly, these Conditions Precedent to the Scheme are now satisfied.Kazakhstan regulatory approvalAs at the date of this announcement, the Kazakhstan regulatory approval condition precedent remains outstanding and CAML has informed Cygnus that it does not believe it will be satisfied by the current Second Court Date (presently scheduled for 23 September 2026).In respect of the progress of the Kazakhstan regulatory approval condition, CAML has advised Cygnus that it has been actively engaging with the Ministry of Industry and Construction of Kazakhstan (“MIC”) as to the application. Importantly, the MIC has not raised any adverse comments or objections to the content or merits of the filed application, nor does it require any further information to make a final decision. CAML remains confident that it will receive the required approval. Due to multiple ongoing updates of the MIC’s administrative procedures, CAML was required to re-submit its application electronically (online). This electronic submission was completed on 18 September 2026. At the same time MIC communicated and confirmed to CAML that this requirement to resubmit the application is related to the changes in administrative procedures and is not related to the merit or content of the application.Furthermore, while the statutory 30 days review period would ordinarily apply, CAML received certain assurances that its application will be processed as soon as practically possible. CAML expects that the approval will be granted on or before 12 October 2026. As previously referenced, CAML has a successful track record of receiving a similar style of government approvals in Kazakhstan.Other conditions precedentCygnus is not aware of any reason why any of the other outstanding conditions to the Scheme will not be satisfied or waived in the ordinary course prior to the revised Second Court Date.Court approval of the SchemeIn light of the status of the Kazakhstan regulatory approval, Cygnus will approach the Supreme Court of Western Australia to defer the Second Court Date as close as practicable to the forecasted regulatory approval date (with a further announcement to made upon finalisation of the date with the Court and the amended implementation timetable).Should the Kazakhstan regulatory approval be received earlier than the date outlined in today’s announcement, Cygnus will ascertain the potential to bring the Court date forward.This advertisement has not loaded yet.This advertisement has not loaded yet, but your article continues below.This announcement is authorised for release by the Board of Cygnus Metals Limited.David SouthamNicholas KwongMedia:Executive ChairPresident & CEOPaul ArmstrongT: +61 8 6118 1627T: +1 418 748 5076 Read CorporateE: info@cygnusmetals.com E: info@cygnusmetals.comT: +61 8 9388 1474 Cygnus Metals Limited (ASX: CY5, TSXV: CYG, OTCQB: CYGGF) is a diversified critical minerals exploration and development company with projects in Quebec, Canada and Western Australia. The Company is dedicated to advancing its Chibougamau Copper-Gold Project in Quebec with an aggressive exploration program to drive resource growth and develop a hub-and-spoke operation model with its centralised processing facility. In addition, Cygnus has quality lithium assets with significant exploration upside in the world-class James Bay district in Quebec, and REE and base metal projects in Western Australia. The Cygnus team has a proven track record of turning exploration success into production enterprises and creating shareholder value.Notice for the Postmedia NetworkThis website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Read more about cookies here. By continuing to use our site, you agree to our Terms of Use and Privacy Policy.