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Cygnus Metals Lodges Draft Scheme Booklet for CAML Acquisition Review

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Cygnus Metals (ASX:CY5) lodged the draft scheme booklet with the Australian Securities and Investments Commission for review, advancing its proposed acquisition by Central Asia Metals (CAML) towards completion, according to a Wednesday filing with the Australian bourse.

The first court hearing is scheduled for Aug. 13, followed by the shareholder meeting in mid-September and the expected implementation of the scheme in early October, subject to approvals, per the filing.

The North Macedonian merger clearance condition has been fulfilled, while the Kazakhstan clearance process remains under review, the filing said.

The company directors continue to unanimously recommend the scheme, subject to no superior proposal and the independent expert confirming it remains in shareholders' best interests, the filing added.

The company's shares gained nearly 2% in recent Wednesday trade.

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