Australia's Canyon Resources eyes best day in 10 mths on premium placement

Canyon Resources

21/12/2022 01:42

** Shares of Canyon Resources Ltd  CAY.AX  soars as much as
25.6% to A$0.054 - set for best day since Feb. 14, if gains hold
    ** CAY hits its highest level since Aug 19
    ** Bauxite and gold producer says Eagle Eye Asset Holdings
Pte (EEA) to subscribe for A$12.1 mln ($8.10 mln) of co's shares
at A$0.06 per share
    ** The issue price represents a premium of 39.5% to CAY's
Tuesday close 
    ** CAY says, funds raised from the placement will be used
for the development of its Minim-Martap Project in Cameroon
    ** Adds, upon placement completion, EEA will own co's 19.9%
of the issued share capital and become its largest shareholder
    ** Stock has fallen ~55% this year, as of last close
($1 = 1.4932 Australian dollars)
 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com))