Crusader Resources Ltd. said March 15 that it expects its shares to list on the London Stock Exchange's AIM as part of its previously announced IPO.
The company plans to raise between US$6 million and US$15 million through a placement of shares at 3.4 pence each. Each share includes half of a share purchase warrant, with each warrant exercisable up to 24 months at the same price as the placement shares. The shares are being issued at a 14.2% discount to the company's current share price.
Proceeds from the placement will be used primarily to advance its Borborema gold property in Brazil, with an aim to complete a bankable feasibility study within a year. Proceeds also will be used to carry out exploration activities at the Juruena and Novo Astro gold projects in Brazil, for debt repayment and for working capital.
