Currently viewing Global edition

Crusader tells ASX it will stay afloat

Crusader Resources (ASX:CAS) has told the ASX it will manage to raise enough money to keep afloat this quarter, after the exchange queried its forecast spending.
Crusader tells ASX it will stay afloat Crusader tells ASX it will stay afloat Crusader tells ASX it will stay afloat Crusader tells ASX it will stay afloat Crusader tells ASX it will stay afloat

Sign of the times: Crusader is focusing its efforts on Borborema, and has cut staff at its other Brazilian project

Staff reporter

The ASX's listings compliance team flagged the closeness of the explorer's expected spending for the three months to September 30 and its cash balance. 

Crusader, which is also AIM-listed, has forecast A$1.3 million (US$960,000) of spending in the current quarter and had $1.36 million in cash as of June 30.

In a response to the August 1 query, Crusader secretary Andrew Beigel said the company would raise cash as needed.

"Crusader Resources has a strong track record of securing exploration funding and is evaluating various funding options to meet its planning activities and expenditure commitments," he said.

"The company believes it will continue to be successful in securing adequate funding."

Beigel said the company would update the market on financing soon.

Crusader joined AIM in April, following the failed merger attempt with Stratex International in 2017.

The company raised $6.5 million in Australia and London following the listing.

In a corporate update last month, the company said it was working hard to cut costs by cutting its workforce in Brazil and moving to a smaller office in Perth.