Canyon Resources raises $6.2 million for progress in Minim-Martap Project

The mining and development of the 100% owned Minim-Martap Bauxite Project, Canyon Resources Limited announced that it has received firm commitments from existing and new institutional and sophisticated investors to raise $6.0m (before costs), via the issue of 77,257,157 new fully paid ordinary shares in Canyon (“New Shares”) at $0.08per New Share (“Placement”).

Phillip Gallagher, Managing Director of Canyon Resources commented: “Canyon acknowledges the continued strong support from our existing shareholders, including Major Shareholder, Mr Peter Su. Additionally, we welcome a number of new sophisticated and institutional investors to the Canyon register.”

“The Placement will allow Canyon to complete the Feasibility Study and progress the delivery of important agreements required for the development of the Minim-Martap Project with the Government of Cameroon and potential project partners. This is an exciting time for Canyon as we transition from a predominantly exploration driven company to a project builder taking one of the world’s most substantial bauxite projects towards development.”

However, the Placement was strongly backed by Canyon’s largest shareholder and Non-executive Director, Mr Peter Su, who has subscribed for his pro-rata amount of the Placement and will pursue to hold more than 9% of Canyon post-Placement.

In 2020, Mr Su on board as a strategic shareholder in Canyon Resources following a $5.6 million investment.

Mr Su is a Perth-based strategic investor with a diverse range of business interests in Australia and overseas. The Su family have historically held commercial interests in bauxite and alumina refining in China and Mr Su has and will continue to assist the Company with accelerating the development of the Minim Martap Bauxite Project and to provide introductions and commercial assistance relating to bauxite offtake and project financing.