Canyon shareholder to invest further $24.5m for bauxite project development
ASX-listed Canyon Resources has received notice that a major shareholder Eagle Eye Asset Holdings (EEA) intends to exercise 350-million options, providing a $24.5-million investment in Canyon for use in advancing its Minim Martap bauxite project, in Cameroon. Canyon says it will issue of 350-million new fully paid ordinary shares to EEA following the exercise of the 350-million unquoted options at an exercise price of $0.07 each and after the receipt of $24.5-million expected by the end of May.
ASX-listed Canyon Resources has received notice that a major shareholder Eagle Eye Asset Holdings (EEA) intends to exercise 350-million options, providing a $24.5-million investment in Canyon for use in advancing its Minim Martap bauxite project, in Cameroon. Canyon says it will issue of 350-million new fully paid ordinary shares to EEA following the exercise of the 350-million unquoted options at an exercise price of $0.07 each and after the receipt of $24.5-million expected by the end of May.
