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Crusader agrees to off-load Juruena gold project to Meteoric

Crusader Resources Ltd. entered a binding term sheet to sell its wholly owned Juruena gold project in Brazil to Meteoric Resources NL for A$1.0 million cash and A$2.0 million in shares.

Crusader said March 20 that the sale will allow it to focus on its core Borborema gold project in Brazil. Signing of a definitive agreement and settlement is expected within a few weeks.

Additionally, Crusader secured an underwriting deal from Pinnacle Corporate Finance Pty. Ltd. for an additional A$1.0 million of its A$4.2 million rights issue.

The company now has underwriting agreements for a total of A$3.5 million, including A$2.5 million from Eyeon Investments Pty. Ltd.