New Crusader seeking London cash

CRUSADER Resources is to raise US$10-15 million for its AIM listing, with further board changes being made and new MD Marcus Engelbrecht now being directly incentivised to get the long-mooted Borborema gold project in Brazil into production.

New Crusader seeking London cash New Crusader seeking London cash New Crusader seeking London cash New Crusader seeking London cash New Crusader seeking London cash

Engelbrecht will get nearly six million shares when a planned bankable feasibility study for the potential 70,000 ounce per annum project is completed in the next 12 months, as well as similar issues of shares when construction starts and when first commercial production is achieved.

Previously he was to get nearly 18 million shares when Crusader’s market capitalisation passed A$150 million, with the company valued this week on the ASX at about $20 million.

Meanwhile the US$10-15 million to be raised in London will go towards drilling and Borborema’s BFS, as well as assessment of the “massive” soil anomaly that is Nova Astro in the state of Mato Grosso.

Other news from Crusader sees the appointm...