Canyon Resources Limited announced a private placement of 77,257,157 common shares at AUD 0.08 per share for gross proceeds of AUD 6,180,572.56 on August 2, 2021. The transaction will include participation from Peter Su for 6,771,482 shares and will retain 9% stake in the company and existing and new institutional and sophisticated investors. The issue price of AUD 0.08 per new share represents a 14.0% discount to the last closing price of AUD 0.093 on 28 July 2021, 17.8% discount to the 5-day VWAP of AUD 0.097. The transaction needs to approve by the shareholders of the company. The transaction is expected to close on August 9, 2021.