Canyon Resources Ltd has appointed Peter Su as a Non-Executive Director, following the successful $10m equity placement in the Company.
Canyon’s Chairman, David Netherway said, “I am pleased to welcome Peter Su to the Canyon Resources Board of Directors. Peter has shown his support for the Company and the Minim Martap Bauxite Project by his investment into the Company and his background and contacts within the bauxite and alumina industries in China will assist the timely development of the Project.”
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The Placement introduced Peter Su as a new strategic investor in Canyon. Su has subscribed for approximately $5.6m at $0.10 per Share, representing a 9.4% shareholding in Canyon post-Placement.
Su has agreed to place his shares acquired in the placement into voluntary escrow for 6 months from the date of issue of the shares.
Su has also requested to receive his remuneration in Canyon shares rather than in cash.
Peter Su said, “I have invested in Canyon Resources as I believe the Minim Martap Project is the best bauxite opportunity in the world. I am committed to the long term success of the Minim Martap Project and I am very happy to join the Board of Directors where I am confident that I can add significant value to the Company and the project development.”
Mr Su’s share subscription and payment of $5.6m will be paid over two equal tranches.
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