$5.5m Capital Raising Successfully Completed
Perth, Mar 2, 2016 AEST (ABN Newswire) - Brazil focused gold development company Crusader Resources (
ASX:CAS) (CHLXF:OTCMKTS)("Crusader" or "the Company") is pleased to advise that following significant global demand, it has arranged a Placement to raise a total of $5.5 million (before costs). Patersons Securities Limited acted as Lead Manager to the Placement.
The Company plans to issue a total of 55 million Ordinary CAS shares at $0.10 per share, in two tranches:
- Tranche 1 - 13,644,920 shares to be issued under the Company's existing capacity. Completion is expected on 8 March 2016; and
- Tranche 2 - 41,355,080 shares to be issued once shareholder approval has been obtained at a General Meeting anticipated in April 2016. Completion of tranche 2 will occur as soon as practical following the meeting.
The Placement, to sophisticated investors, funds and High Net Worth individuals globally, exceed the expectations of the Company and reinforces its view that its Brazilian assets have the opportunity to realize significant value to shareholders. The Placement was well supported by Crusaders existing shareholders and Chairman Mr Stephen Copulos.
Commenting on the Placement, Crusader Executive Director Paul Stephen said, "It is acknowledged that the current market conditions for resources companies is tough, but to have generated such strong interest in this Placement, in my view speaks volume for our assets, our strategy and what we plan to do to generate shareholder value over the short to medium term."
"We have generated significant global interest in our company and its assets, and as part of this Placement we have also seen this interest turn into tangible involvement as shareholders of the Company."
Crusader has a strong portfolio of resources projects with a focus on Brazil. Crusaders assets are diversified across a range of commodities including Gold, Iron Ore and Lithium. Crusader is currently producing Iron Ore from the Posse mine and is developing two advanced gold projects. With gold in Brazilian Reals recently reaching all-time highs, Crusaders shareholders are exposed to a portfolio of assets which have a significant growth potential.
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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