Canyon Resources Secures $7.9M Through Option Exercise

Canyon Resources Limited ( (AU:CAY) ) has provided an update.

Canyon Resources Limited has announced the issuance of 113,129,082 fully paid ordinary shares to its major shareholder, Eagle Eye Asset Holdings Pte Ltd, following the exercise of unquoted options. This transaction has brought in $7.9 million for the company, with expectations of further conversions and an additional $8.7 million by the end of the month. The issuance allows the new shares to be traded immediately under the exemption provided by section 708A(5) of the Corporations Act 2001, potentially enhancing the company’s liquidity and financial position.

The most recent analyst rating on (AU:CAY) stock is a Buy with a A$0.35 price target. To see the full list of analyst forecasts on Canyon Resources Limited stock, see the AU:CAY Stock Forecast page.

More about Canyon Resources Limited

Canyon Resources Limited is a company operating in the mining industry, primarily focusing on the exploration and development of bauxite resources. The company is engaged in advancing its projects to capitalize on the growing demand for bauxite, a key raw material in aluminum production.

Average Trading Volume: 611,239

Technical Sentiment Signal: Buy

Current Market Cap: A$353.1M

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