Canyon Resources received commitments to raise AU$5 million via placement

Canyon Resources Limited (ASX: CAY) announced that it received the binding commitments from existing and new institutional and sophisticated investors to raise AU$5 million via an issue of 111,111,110 new fully paid ordinary shares at an issue price of AU$0.045. The issue price represents a discount of approximately 48% to the last closing price of AU$0.087 on 29 April 2022 and a 51% discount to the previous 15-day VWAP of AU$0.092. The placement timing aligns with the company’s positive Bankable Feasibility Study for its Minim Martap Bauxite Project in Cameroon.

The completion of the placement will support the company’s goal to become the preferred partner in the international bauxite market and will also demonstrate an interest in the Minim Martap Project.

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