29th Jan 2019 17:43
LONDON (Alliance News) - Crusader Resources Ltd said Tuesday shareholder Stephen Copulos has entered into binding agreements to subscribe for an additional AUD1 million, about GBP540,000, worth of convertible notes.
Crusader said the funding will help with its immediate funding requirements.
These convertible notes are part of a larger fundraising, of about AUD2.4 million, with Copulos Group subscribing for AUD1.5 million.
"Funding for junior exploration companies in the current market is extremely challenging. The willingness of the Copulos Group to provide funding for Crusader during this time is testament to the underlying value they have recognised in the company's assets, and in particular Borborema," said Managing Director Marcus Engelbrecht.
The company also announced it has received a notice from shareholders - William Brown, Vitor Pty Ltd, Chinetti Investments Pty Ltd and Parkwise Corporation Pty Ltd - requesting the directors of Crusader to convene a general meeting.
At the general meeting, the group of shareholders - who hold "at least" a 5% interest in the company - want the company's shareholders to vote on the removal of Engelbrecht and Independent Non-Executive Chair Andrew Vickerman.
Crusader must hold the meeting within two months.
Shares in Crusader Resources are currently suspended but last closed at 1.375 pence each.
Last Wednesday, Crusader said it required further immediate funding to meet its short term capital needs or it may not be able to continue as a going concern after January.