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.