Canyon Resources appoints Foster Stockbroking to manage $4 million raise for feasibility study
According to report on Thursday, July 29, bauxite miner Canyon Resources has appointed Foster Stockbroking to manage a $4 million raise for the company. The amount is for funding a feasibility study.
As per the report, 8¢ per share or a 14 per cent discount to the last trading price has been offered for the public raise. Bids are due on Thursday, 5 PM.
Besides, Canyon Resources has already secured a commitment from existing major shareholder and non-executive director Peter Su, which, however, is subject to shareholder approval.
The business has also reserved the right to take oversubscriptions.
Canyon Resources’ flagship project is located in Cameroon, West Africa. Its major shareholder is AusGlobal Bauxite, which holds 9 per cent of the company.
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