Canyon successfully completed a $4 million capital raising by way of a private placement of shares to sophisticated and professional investors at an issue price of 16 cents per share.
Canyon managing director Phillip Gallagher said: “We are extremely pleased with the support we have received in the capital raising.
“Canyon is now funded to complete a PFS and move our global tier-one Minim Martap Bauxite Project into the next stage of development.”
The Minim Martap Project is in the Adamawa region of Cameroon, adjacent to Canyon’s existing Birsok Bauxite Project, encompassing two deposits, Ngouandal and Minim Martap.
The project is adjacent to an operating rail line with heavy ore transport capacity with a proposed extension to the Kribi deep-water port which has the ability to direct ship load Panamax size vessels.
The three exploration permits are valid for a three-year period and contain a number of predefined work commitments that are consistent with the Canyon’s development proposal.
Previous work completed by Canyon on the contiguous Birsok Project, sometimes sharing plateaux with the Minim Martap Project, has given the company a strong understanding of the physical and geochemical characteristics of the local bauxite.
The bauxite is generally high alumina, low total & reactive silica, high gibbsite, low boehemite and low on other contaminants.