ASX-listed Canyon Resources will raise A$10-million through a share placement to fund a definitive feasibility study on the Minim Martap bauxite project, in Cameroon, and to advance strategic project and offtake discussions.
Canyon on Monday announced that it would place 100-million shares, at a price of 10c each to institutional, sophisticated and strategic investors. The placement will be made under the company’s existing capacity, and will not require shareholder approval.