Crusader seeking to raise funds14 Feb 2018 15:11
From today's Daily Telegraph
MINING
Gold miner Crusader plans �11m listing on London�s Aim
By Jon Yeomans
A MINING company looking to chase gold in Brazil is set to list on London�s junior Aim market.
Crusader Resources, which is already listed in Australia, wants to raise up to �11m by floating in London.
The company hopes to use the funds generated to finish a feasibility study of its Borborema project in north-eastern Brazil within a year.
Crusader also plans to beef up its board with a number of former Rio Tinto and BHP Billiton executives upon listing. It has proposed Andrew Vickerman, who spent 20 years at Rio and was briefly chairman of London-listed Petropavlovsk last year, as chairman. Michael Jones, former head of UK mining at Canaccord and an ex-mining engineer, will become senior independent non-executive director.
Crusader is led by Marcus Engelbrecht, a former chief financial officer of BHP�s specialty division. Mr Engelbrecht was boss of Stratex International until late last year when he lost a battle to convince shareholders to merge the Aim-quoted explorer with Crusader. A group of rebel shareholders successfully argued that the merger would �dilute Stratex�s focus on Africa and noted that Crusader was dependent on a A$1.5m (�850,000) loan from Stratex for its auditors to sign it off as a going concern.
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But Mr Engelbrecht insisted Crusader already had sufficient funds to pay off the loan by April, having raised A$3.3m privately in December, and said he welcomed a second chance to develop Borborema.
�There�s a lot of international interest in mining in Brazil and it�s very much the right time to be there,� he said. �These projects have been mothballed for a while but we�re now in a position to take this forward to production.� Crusader also hopes to progress two exploration projects in the west of the country, one of which Mr Engelbrecht described as a �fantastic asset�.
�Every hole we put into it has come up with some gold,� he said. Crusader�s total gold resource is 2.69m ounces.
The company�s biggest investor is Australian businessman Steve Copulos and the World Bank�s International �Finance Corporation holds a 4pc stake.
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