Bauxite miner Canyon Resources has appointed Foster Stockbroking...

Bauxite miner Canyon Resources has appointed Foster Stockbroking to manage a $4 million raise for the company, which will fund a feasibility study.The offer comes at 8¢ per share - a 14 per cent discount to its last trading price.The business has already secured a commitment from existing major shareholder and non-executive director Peter Su, which will be subject to shareholder approval.The business has reserved the right to take oversubscriptions.Bids are due by 5pm on Thursday.Its flagship project is located in Cameroon, West Africa.Its major shareholder is AusGlobal Bauxite, which holds 9 per cent of the company.