Cygnus Metals (ASX:CY5) agreed to be acquired by Central Asia Metals in an all-scrip deal that values each Cygnus share at AU$0.176, implying an equity value for the company of around AU$232 million, according to a late Tuesday filing with the Australian bourse.

Under a definitive scheme implementation deed, Cygnus shareholders will receive 0.06 new Central Asia Metals share for each Cygnus share held.

Existing Central Asia Metals shareholders will own about 70% of the company's enlarged fully diluted issued share capital after the deal, while Cygnus shareholders will own the remaining 30%.

The transaction will give Central Asia Metals a flagship development-stage asset through a 100% interest in Canada's Chibougamau copper-gold project.