The funds raised will be used primarily for the Minim Martap Bauxite Project in Cameroon development and general working capital expenses.
The Minim Martap Project hosts two bauxite deposits, the Ngouandal and Minim Martap deposits, which are within 25 kilometres of each other.
The deposits have a combined JORC resource estimate of 550 million tonnes at an average grade of 45.5% aluminium oxide and 2.06% silicon dioxide.
Canyon commenced an initial aircore drilling campaign and exploration at Minim Martap in December 2018 targeting bauxite.
Proactive spoke to managing director Phil Gallagher in December 2018.