Crusader Resources has secured a $20 million debt finance facility with Macquarie Bank which will fund the development of its Brazilian projects - the Borborema gold project and Posse iron ore development.
Crusader said the facility would come in two tranches, with credit approval to draw down on the first $10 million stage already having been received.
The second tranche will be subject to a separate approval process, Crusader said.
Crusader managing director Rob Smakman said the second tranche had been earmarked for a possible expansion of the company’s projects.
“This finance facility gives Crusader tremendous flexibility to advance its flagship Borborema gold project and provide additional flexibility to further develop the Posse iron project,” Mr Smakman said in a statement.
“Overall Crusader is now in a really strong position to take the next big step towards becoming a multi-commodity, multi-mine production company.”
At close of trade today, Crusader shares were up 15 per cent, at 34.5 cents.