ASX-listed Canyon Resources has announced a subscription agreement with Singapore-based Eagle Eye Asset Holdings (EEA) which could result in the investment of up to A$59.7-million. EEA has agreed to subscribe for A$10.5-million of new fully paid shares in Canyon, at a price of 7c each, and to exercise its existing 202.9-million options at a price of 7c each to acquire the corresponding number of shares.
PERTH – ASX-listed Canyon Resources has announced a subscription agreement with Singapore-based Eagle Eye Asset Holdings which could result in the investment of up to A$59.7-million.
Following the satisfaction of shareholder approval, the agreement would provide Canyon with an initial capital injection of A$24.7-million. Canyon said on Thursday that the exercise of the new options would be subject to the grant of a mining licence for the company’s Minim Martap bauxite project, in Cameroon, as well as a binding contract for port access and rail transportation on terms relevant to the project.
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