PERTH (miningweekly.com) – Gold developer Crusader Resources has raised A$8.5-million in an oversubscribed placement, allowing the company to accelerate the development of its Juruena gold project, in Brazil, and to complete the bankable feasibility study on the Borborema project.
The placement, to institutional and sophisticated investors, consisted of 65.3-million shares, and was issued at a price of 13c a share. The placement price represented an 18% discount to Crusader’s five-day volume-weighted average price for the period ended September 21.
The shares would be placed in two tranches, with the second tranche of 31.1-million shares, subject to shareholder approval.
“This is a pivotal moment for Crusader Resources as we move towards developing our second mine in Brazil,” said executive director Paul Stephen.
“We now have two advancing gold projects that have different characteristics, but are both excellent stand-along projects. Brazil represents an amazing opportunity for companies like Crusader and our shareholders, where we have the opportunity to discover assets like Juruena and Borborema at such an early stage, and take them through to production.”