Ann: Proposed Acquisition of Crusader, page-12

CAS has high quality gold assets but needs cash to develop them. Stratex can't match these quality gold assets but has lots of spare cash ($12M). So CAS has the quality assets and Stratex brings cash to the table.

The merged entity will be 81% CAS and 19% Stratex.
So Stratex is buying up 19% of CAS assets for $12M cash (reverse take-over).

I think the merged company will mainly use this $12M cash to get the smaller high-grade Juarena gold mine operational and cash-flow positive. Should the gold price continue improving, they should be in a good position to get the larger Borborema into production as well.