The synthesis and characterization of a novel metal derivative of a peripherally symmetrically tetrasubstituted porphyrazine derived from 25, 26-dioxa-6,7,9,10,15,16,18,19-octahydro-25H-1,24-methanodibenzo[q,t][1,4, 13,16,17,10]tetraoxadithiacyclohenicosine-12,13-dicarbonitrile was carried out. The influence of metal cations such as Zn 2+ , Fe 2+ , Mn 2+ , Ni 2+ , Co 2+ , Hg 2+ and Cu 2+ on the spectroscopic properties of the ligands, the starting material dinitrile and MgPz were investigated in acetonitrile-chloroform solution (1/1) by means of absorption spectrometry. Absorption spectra showed isosbestic points in the spectrophotometric titration of Cu 2+ and Hg 2+ with MgPz ligand. The results of spectrophotometric titration experiments disclosed the complex stability constant of the novel ligand, MgPz with Cu 2+ and Hg 2+ cations.