IN BRIEF: Central Asia Metals awaits Kazakhstan nod for Cygnus buy

Central Asia Metals PLC - copper, zinc and lead producer and explorer with operations in Kazakhstan and North Macedonia - Issues update on its planned acquisition of Cygnus Metals Ltd. Conditions that need to be satisfied or waived include consent in Kazakhstan for the issue of new Central Asia Metals shares pursuant to the Australian scheme of arrangement for the acquisition. Says its application is in progress, and the current timetable requires a decision no later than October 1. Says it might not obtain this approval before the Cygnus scheme meeting scheduled for Friday, or before the second court date, which is currently scheduled for September 23. Cygnus has advised the company that it may apply to defer the court date "to the earliest practicable date following receipt of the Kazakhstan regulatory approval and/or seek the court's approval to treat the Kazakhstan regulatory approval as a condition subsequent." Central Asia Metals, however, "is not aware of any specific reason why the Kazakhstan regulatory approval will not be received in the ordinary course."

"We are pleased with the progress made thus far in advancing the Cygnus transaction, and we expect to complete the outstanding conditions in due course," comments Chief Executive Officer Gavin Ferrar. "We look forward to adding Cygnus' high-grade Chibougamau copper-gold project in Quebec to our portfolio, and to welcoming Cygnus shareholders as shareholders in CAML."

Current stock price: 164.20 pence, down 3.1% on Monday afternoon in London

12-month change: up 16%

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