23rd Jan 2019 11:13
LONDON (Alliance News) - Crusader Resources Ltd said Wednesday it requires further immediate funding to meet its short term capital needs or it may not be able to continue as a going concern after January.
On Christmas Eve, the iron ore explorer issued secured convertible notes to raise AUD1.4 million, about GBP770,000.
Crusader said, however, its requires further funding and it is in "advanced discussions" to resolve its funding shortfall.
It intends to go ahead with an entitlement issue to eligible shareholders. The timing, amount and pricing of the entitlement issue has not yet been finalised.
Shares in Crusader Resources are currently suspended but last closed at 1.375 pence each.
Related Shares:
CAS.L