21/08/2018 - 15:37

Canyon to raise $5m

21/08/2018 - 15:37

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Perth-based Canyon Resources has raised $5 million to fund exploration at the company’s Minim Martap bauxite project in Cameroon.

Canyon to raise $5m
The proceeds from the raising will be spent on exploration drilling.

Perth-based Canyon Resources has raised $5 million to fund exploration at the company’s Minim Martap bauxite project in Cameroon.

The company issued shares 32 million shares at 15.5 cents each, representing an 8.3 per cent discount to the 30-day volume weighted average price.

Canyon said the funds would accelerate work on the Minim Martap project, including the review of existing geological and metallurgical data, commencing confirmatory studies, exploration drilling and defining an initial JORC compliant resource.

BW Equities was lead manager to the placement.

The company also announced the appointment of BW Equities as its new corporate adviser in a 12-month contract to assist with capital requirements, strategy and market communications.

“We are delighted to welcome new, high-calibre institutional investors onto our register … [we] are now in a strong financial position as we start the exciting process of developing such a large-scale bauxite asset” managing director Phillip Gallagher said in a statement.

Canyon shares last changed hands at 24 cents each.

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