Successfully Completes $1.3M Placement
Perth, Dec 31, 2015 AEST (ABN Newswire) - Crusader Resources Limited (
ASX:CAS) ("Crusader" or "the Company") is pleased to announce it has successfully completed an ordinary share placement ("Placement") with Institutions and Sophisticated Investors to raise $1.3 million.
These funds will enable the scoping study on the Juruena Gold project to be completed in the first quarter of 2016 in line with the company's schedule to develop and construct a modular gold plant targeting the multiple high grade gold resources identified on Crusaders 100% owned Juruena Gold Project.
The Juruena Gold Project is located on the western end of the Alta Floresta-Juruena mineralized belt, a geological belt which has already yielded over 7Moz Au.
The Juruena Project provides both near term production potential by exploiting shallow, high-grade mineralisation at Querosene coupled with longer dated upside through the potential large scale systems at the five other known mineralised zones at Juruena and the unknown potential at Novo Astro.
Novo Astro is Crusader's second project on the Alta Floresta gold belt, ~25km south east of Juruena and presents as a 5km wide circular soil anomaly potentially multi-million-ounce intrusion related gold deposit. Rock chip samples at Novo Astro returned 264 g/t Au and 101.7 g/t Au, (NR Sept 11, 2013) alluvial gold has been mined at Novo Astro for approximately 40 years by local Brazilian garimpeiros.
Crusader is focused on developing a cashflow from the Juruena project in the near term to allow the much larger potential of this landholding to be properly evaluated.
The issue price under the Placement is $0.12 per share (with a free 1 for 2 unlisted $0.15 option, expiring 31 December 2017.
The Placement was strongly supported by existing key shareholders and Directors including, Chairman, Stephen Copulos and the Company regards this as a strong endorsement of the quality of its projects. The Copulos group has advanced $500,000 in funding which will convert to ordinary shares and options on the same terms as Tranche 1 of the Placement, subject to shareholder approval.
Completion of the Placement is expected to occur as follows:
Tranche 1 (6,300,998 shares and 3,150,449 Options) - Completion is expected on 31 December 2015; and
Tranche 2 (4,666,666 shares and 2,333,333 Options) - Completion of Tranche 2 including Director participation is subject to shareholder approval which will be sought at a General Meeting anticipated in February 2016. Completion of tranche 2 will occur as soon as practical following the meeting.
About Crusader Resources Limited
Crusader Resources Limited (ASX:CAS) is a minerals company focussed on the identification, acquisition, development and operation of projects in Brazil. Crusader believes that Brazil is a vastly underexplored country with high potential for the discovery of world class mineral deposits. The company has already acquired a diverse portfolio of projects including gold, iron ore, tin, tungsten and uranium and continues to utilise its strong networks in Brazil to identify new opportunities.
Crusader is characterised by a tight corporate structure and features an experienced board of directors who are strongly focussed on the success of the company.
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