Ann: Quarterly Activities Report, page-4

The cash position is once again perilous, only A$1.3m remains from the AIM listing raise of A$6m in April. They indicate they will burn through this by September.

The new broker appointment in London is not good news for shareholders, almost certainly a heavily discounted Capital Raise is coming.

Clearly the BOD are in no mood to cut salaries but prefer to tinker by closing an office in Perth and reducing some, probably, poorly paid staff in Brazil. Executive and Management salaries are still around A$1.5m per annum.

Also of note was they did not report the Quarterly Cash-flow Report in London clearly trying to hide the situation at hand.

I can see this going below 2c unfortunately for holders, upcoming and ongoing dilution is par for the course at Crusader.