Crusader raises $7.1m in placement

Perth-based minerals explorer Crusader Holdings NL has completed a $7.1 million capital raising, with funds to be used in evaluation of its minerals interests in Brazil and Australia, the company has announced.

The full text of a company announcement is pasted below

Crusader Holdings NL (ASX: CAS) advises that it has completed its $7.125 million capital raising which will be utilised to continue its evaluation of an extensive portfolio of minerals interests in Brazil and Australia for gold, uranium, tin and indium and the continuing evaluation of the Posse iron ore project in the Iron Quadrilateral of Brazil.

Crusader now has 44.36 million shares and 13.75 million unlisted options on issue and cash reserves of approximately $8.7 million.

A total of 6.5 million shares and 4.75 million unlisted options have been issued to raise $4.89 million following shareholder approval received earlier this week. This completes the placement of 9.5 million shares and 4.75 million unlisted options to raise $7.125 million announced on 20 July 2007. The shares were issued at 75 cents each with one free attaching unlisted option for every two shares issued. The options are exercisable at $1 each, expire on 12 September 2010 and vest in 12 months.