Dec 16 (Reuters) - Canyon Resources Ltd CAY.AX :
* CANYON RESOURCES - RECEIVED COMMITMENTS TO UNDERTAKE SHARE PLACEMENT OF 15.6 MILLION FULLY PAID ORDINARY SHARES IN CO AT AN ISSUE PRICE OF $0.16 PER SHARE
* CANYON RESOURCES LTD - FUNDS FROM PLACEMENT WILL PREDOMINANTLY BE USED FOR ACCELERATING DELIVERY OF PFS ON MINIM MARTAP PROJECT & WORKING CAPITAL