Bauxite-focused Canyon Resources (ASX: CAY) has been granted a trading halt this morning, as the company prepares capital raising details.
Canyon's shares are currently in pre-open.
The company has entered into a joint venture to acquire up to an initial 75% interest in the Birsok bauxite project, which is located in Cameroon.
Birsok has the potential for direct shipping ore with low impurities.
The project is drill-ready with the potential for definition of a maiden Resource for less than $1 million worth of drilling.
The halt will remain in place until the opening of trade on Monday 3rd March 2014, or earlier if an announcement is made to the market.
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