Canyon Resources completed a strategic capital investment with Eagle Eye Asset Holdings, raising $24.7 million in capital.

The funds will be used to develop the company’s Minim Martap Bauxite Project in Cameroon.

Eagle Eye Asset subscribed for 150 million new shares, exercised its 202.9 million existing options and subscribed for 500 million new unlisted options.

All of the purchases were made at an issue price of 7 cents per share.