** Shares of Canyon Resources CAY.AX slip 3.6% to A$0.265, to hit their lowest since September 15

** Bauxite resource developer reports placement of ~790 mln shares to raise ~A$205 mln (~$135.09 mln)

** Offer price of A$0.26 per new share represents a discount of ~5.5% as of last close

** Says funds raised will be allocated toward development of the Minim Martap Project in Cameroon, among other initiatives

** Over 1 mln shares change hands, 1.4x the 30-day avg

** Stock currently up 47.2% YTD

($1 = 1.5175 Australian dollars)

(Reporting by Kumar Tanishk in Bengaluru)

((Tanishk.Kumar@thomsonreuters.com; X: @thatstanishk http://www.x.com/thatstanishk))