Minerals exploration and development company Crusader Resources said on Wednesday that it needed to raise more funds before the end of January to continue as a going concern and that the board was in advanced discussions to resolve the funding shortfall.
The company, which on December 24 secured convertible notes to raise A$1.4-million, stated that it would follow a pro rata entitlement issue to eligible shareholders to raise additional funds in the next week and a half.
The timing, quantum and pricing for the entitlement issue have not yet been finalised.
Crusader, which maintains listings in the UK and Australia, is focusing on Brazil, with two key gold assets in the Borborema gold project and the Juruena gold project.