Crusader Resources warns of funding shortfall

Exploration and development outfit Crusader Resources warned investors on Wednesday that it continues to require additional immediate funding to continue operating.

Crusader, which raised $1.2m after issuing secured convertible notes back in December, said it still needed further immediate funding for short term general working capital needs before the end of January.

The AIM and ASX-listed group, which said operating would be a "going concern" if it was unable to raise said funds, stated that it was in advanced discussions to resolve its funding shortfall before the deadline.

Crusader intends to follow with a pro rata entitlement issue to eligible shareholders, however, the timing, quantum and pricing for the entitlement issue were yet to be finalised.

As of 1120 GMT, Crusader shares were untreated at 1.37p.