Canyon Resources' (ASX:CAY) major shareholder, Eagle Eye Asset, agreed to underwrite the full debt requirements for the purchase of 22 locomotives and 550 wagons, and a five-year warranty and service agreement on the rolling stock for the Minim Martap project in Cameroon, according to a Tuesday filing with the Australian bourse.
The full underwritten loan amount is about $124 million, and an underwriting fee of $3.7 million will be payable upfront to Eagle Eye Asset, the filing said. If Eagle Eye Asset is called upon under its underwriting, it will lend the money to Camalco Cameroon, the company's Cameroonian subsidiary, on an unsecured basis.
The company is now working towards finalizing the acquisition of the rolling stock, while the definitive feasibility study is progressing and set for completion in the second quarter of the year, per the filing.
Canyon Resources shares rose past 2% in morning trade Monday.
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