Source - SMW
Crusader Resources said its chief executive and chairman had agreed to step down as part of a funding proposal involving the Copulos Group.

Copulus had agreed to underwrite $2.5m of an up to $4.2m four-for-five rights issue.

Chief executive Marcus Engelbrecht and chairman Andrew Vickerman would stand down, with Stephen Copulos becoming chairman and Andrew Richards becoming executive director.

'The company has been exploring a range of capital-raising alternatives over a number of months and considers that the terms proposed by the Copulos Group are superior to those offered by any other parties at this time,' Crusader Resources said.

The funds would be used to complete ab ankable feasibility study for the Borborema  gold project, the maintenance of the Borborema and Juruena gold projects in Brazil and general working capital purposes.