Crusader Resources (ASX:CAS) has attracted institutions and sophisticated investors in a $1.3 million placement priced at $0.12 per share.
These funds will enable the scoping study on the Juruena Gold project to be completed in the first quarter of 2016.
Juruena is located in the highly prospective Juruena-Alta Floresta Gold Belt in Brazil, which has historically produced more than 7 million ounces of gold from 40 known gold deposits.
The project has been worked extensively by artisanal miners since the 1980's.
Juruena provides near term production potential by exploiting shallow, high-grade mineralisation.
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