Shares hitting a new all time low today of 3.9c, it seems they are going to need to raise more cash sooner than expected.
Whilst the headline number for the placing was A$6.5m the actual net proceeds are stated at A$4.4m ?? Out of that they have to pay Stratex back A$1.5m - that leaves A$2.9m remaining.
Q2 cash burn is stated at A$2.1m (from the Quarterly Cashflow Report)
Incidentally according to the Annual Report the loan from Stratex (attracting interest of 12%) had to be paid back on 1st May, no news release has come from Stratex (or Crusader) to suggest this has happened. The Stratex loan is secured, one assumes, on some or all of Crusaders assets.
Perhaps investors are worried over Crusaders ability to raise more cash down the line or is it due to the Stratex loan situation ? Clarification of repayment may calm market nerves.
CAS Price at posting:
3.9¢ Sentiment: None Disclosure: Not Held
