Canyon Resources Strengthens Financial Position with Share Issuance

The latest announcement is out from Canyon Resources Limited ( (AU:CAY) ).

Canyon Resources Limited has issued 113,129,082 fully paid ordinary shares to its major shareholder, Eagle Eye Asset Holdings Pte Ltd, following the exercise of unquoted options, raising $7.9 million. The company anticipates the exercise of an additional 237 million options, which will bring in $16.6 million, enhancing its financial position and liquidity. This strategic move allows the new shares to be traded immediately under the exemption provided by section 708A(5) of the Corporations Act 2001, potentially increasing market activity and investor interest.

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 operates in the mining industry, focusing on the exploration and development of bauxite resources. The company is primarily engaged in advancing its flagship project, the Minim Martap Bauxite Project, located in Cameroon.

Average Trading Volume: 632,894

Technical Sentiment Signal: Strong Buy

Current Market Cap: A$355.5M

Find detailed analytics on CAY stock on TipRanks’ Stock Analysis page.