JOHANNESBURG (miningweekly.com) – Brazil-focused Crusader Resources on Tuesday announced the appointment of Andrew Vickerman as nonexecutive chairperson, following the company’s successful listing on the London Stock Exchange.
Crusader’s issued share capital was admitted to trading on the Aim market on Monday, following the completion of a placing of 118 147 449 new shares at $0.055 a share and 59 605 381 warrants at the placing price, giving the company a market capitalisation of about $25.1-million.
As part of the listing, Stephen Copulos stepped down as chairperson and director, with immediate effect.
The company, which has a primary listing on the ASX, in November announced its plans for a listing in London, after a merger with Aim-listed Stratex fell through. It said that the listing would allow the company to seize the benefits of the previously considered merger, but with “significantly reduced” transaction risk and shareholder dilution. Crusader, at the time, also appointed former Stratex CEO Marcus Engelbrecht as MD.
The funds raised in this week’s Aim listing will be used for the completion of the bankable feasibility study of the Borborema project, in Brazil, the repayment of debt and the advancement of the high-grade Jurena gold project.
Vickerman is currently a member of the board of commodity trading and logistics firm Trafigura. He was previously a nonexecutive director at London-listed miner Petropavlovsk and spent almost 20 years with Rio Tinto, the last ten years as a member of the operations and executive committees.