Strengthens Balance Sheet
Perth, Mar 9, 2016 AEST (ABN Newswire) - Brazil focused gold development company Crusader Resources Limited (
ASX:CAS) ("Crusader" or "the Company") is pleased to advise that following strong interest from the recent capital raising (refer to ASX announcement 2 March 2016), the Company has subsequently raised an additional $750,000.
The Company has had significant interest from existing shareholders and has accepted $750,000 in oversubscriptions to the current placement. The additional funds will increase the total capital raised to $6.25 million and will be issued subject to Tranche 2 shareholder approval at a General Meeting anticipated in April 2016.
Crusader has agreed with its financiers Macquarie Bank to reduce the Company's debt position by $1 million and this will strengthen the balance sheet and reduce interest cost without diluting the equity position of Crusader's shareholders.
Stephen Copulos, Chairman said "The last few weeks has been a boom for the Company, first receiving overwhelming demand in the recent capital raising, increased to $6.25m, then attracting legendary Global investor Mr Jim Rogers to the board and at the same time renegotiating the Company's debt facility with Macquarie reducing the company's debt by $1m all in this difficult market. This has been an extraordinary achievement. The Company is now well funded to move to the next stage of its Juruena and Borborema Gold projects."
Crusader has a strong portfolio of resources projects in 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, Crusader's 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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