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Our website ranking of CAS: rating 3
(3 out of 5)


Security Transfer Australia Pty Ltd
No longer operating

Company details
Address: Level 29, 221 St Georges Terrace Perth, WA 6000, Australia
Tel:  (08) 9320 7500 Fax: (08) 9320 7501

Date first listed: 06/02/2004

Sector: Materials
Industry Group: XMJ
Activities: Exploration for gold and base metals

name changed to Big River Gold Limited


The suspension of trading in the securities of Crusader Resources Limited will be lifted from the commencement of trading on Tuesday, 9 July 2019, following the release by CAS of an announcement regarding completion of a rights issue, confirmation statements and a pro-forma statement of financial position.


The company has successfully completed an entitlement issue which raised $4.11 million (before costs) with 411,247,201 shares and 137,082,512 attaching options being issued on 4 July 2019. 42,000,000 options were issued to the underwriters. The company has been advised that trading in its shares under the existing code CAS will recommencce on 9 July 2019 and that the transitioning to the company's new name on ASX is expected to be completed by ASX on 11 July 2019.


The company provides an annual review and summary of its mineral resources and ore reserves s at 30 June 2019. The project's measured, indicated and inferred Mineral Resource Estimate of 2.43Moz @ 1.10 g/t gold, remains open in all directions. The Borborema Gold Project's Ore Reserve includes Proven and Probable Ore Reserves of 1.61Moz of gold from 42.4Mt @ 1.18g/t Au (0.4 & 0.5g/t cut-offs for oxide & fresh). The Borborema Mineral Resource Estimates and Ore Reserve Estimates have been reviewed and remain unchanged from the 2018 Annual Report. The company no longer holds Mineral Resources or Ore Reserves in any other projects.


The non-renounceable entitlement offer of new shares to raise up to $4,112,472 together with one free attaching option for every three new shares taken up, has closed in accordance with the offer timetable. The company received entitlement acceptances in respect of 105,547,373 new shares and 35,182,458 attaching options, leaving a shortfall of 305,699,828 new shares and 101,899,943 attaching options. The shortfall will be taken up by the underwriters in accordance with the terms of their agreements. Allotment of the new shares and attaching options is expected to occur on 2 July 2019.


The company releases the results of its meeting.


The sale of the Juruena-Novo Astro Gold projects to Meteoric Resources NL has been completed with all necessary authorisations and legal documentation now successfully finalised. Crusader has received A$1 million cash and 50,000,000 shares in Meteoric at a deemed price of 1c per share and escrowed for 12 month. Subject to achieving project milestones, che company will also receive up to A$1.5 million in additional shares or cash in two tranches.


Meteoric Resources has successfully completed its acquisition of the highly prospective Juruena and Novo Astro Gold Projects in Brazil from Crusader Resources.


The company releases separate letters to its eligible and ineligible shareholders in relation to the entitlement offer.


The company releases a letter to optionholders regarding the entitlement offer.


The company has lodged a prospectus for a non-renounceable pro-rata offer to Eligible Shareholders on the basis of 2 new Shares for every 3 Shares held on the record date at an issue price of $0.01 each, to raise up to approximately $4.1 million, with 1 attaching option (exercisable at $0.02 each on or before 30 June 2022) for every 3 new Shares subscribed for.


The Company advises that the ASX has granted a waiver from Listing Rule 10.13.3.


ASIC has granted an extension for the company to hold its AGM for the financial year ending 31 December 2018, to 14 June 2019.


The Annual General Meeting of the Company will be held at Deloitte Melbourne office, 550 Bourke Street, Melbourne, Victoria 3000, on Wednesday 12 June 2019 at 11.00am AEST.


The company lodges its Quarterly Activities Report.


The company lodges its Quarterly Cashflow Report.


All major permits required to commence construction of the Borborema Mine now granted. Corporate Mining Services Pte appointed to oversee completion of the BFS. Processing and design plans are being reviewed with a view to simplifying operations and reducing both the initial construction capital and ongoing operational costs. Resource review underway "“ aiming to define a higher-grade open pit component to support an initial Stage 1 open pit operation.


The board has proposed changing the company's name to Big River Gold Limited. The name recognises and reflects the Brazilian state of Rio Grande do Norte in which Borborema is located. The proposed name change will be put to shareholders for approval at the upcoming Annual General Meeting.


The share sale agreement for the sale of the Juruena and Novo Astro Gold Projects in Brazil to Meteoric Resources has been executed. All material conditions have been met and completion of the sale will occur following the transfer of ownership of the Australian and Brazilian entities that hold the projects, to Meteoric, a process that has commenced and is expected to be completed shortly.


The company lodges its Annual Report to Shareholders.


Mr. Stephen Copulos has provided $750,000 as a short term loan to the Company to be repaid upon receipt of funds from the upcoming fundraising. The loan has been made available for general working capital purposes that may be required during the period up to the completion of the Juruena sale and the Share Rights Issue which is expected to be completed in May 2019. The loan is unsecured, with interest and fees to be charged at 5% per month until it is repaid.


The requisitioners of the s249D Notice have withdrawn their notice. Accordingly, the General Meeting scheduled for 2pm AEDT on Friday 22 March 2019 has been cancelled.


Meteoric has entered into a Binding Terms Sheet to acquire the Juruena and Novo Astro Gold Projects in the Alta Floresta Belt of Brazil from Crusader Resources. Previous drilling has intercepted bonanza gold grades at several prospects within the Juruena Project including Querosene, Dona Maria and Capixaba Prospects. Juruena Project has had in excess of US$25M of expenditure including over 50,000m of drilling and contains a Global Mineral Resource Estimate (JORC 2012) of 1.3Mt for 261koz Au at 6.3 g/t. Dona Maria and Querosene resources are open along strike and at depth, presenting Meteoric with immediate drill targets. Metallurgical testwork confirms > 90% gold recoveries across all main prospects. Brazilian team on the ground ready to commence resource definition and extension drilling program at Querosene and Dona Maria and geophysics at Novo Astro, anticipated to commence Q2.


The company has entered into a binding term sheet with Meteoric Resources for the purchase of its 100% owned Juruena Gold Pojrect which comprises the Juruena and Nova Astro prospects. Also, an agreement was executed with Pinnacle Corporate Finance who have agreed to partially underwrite the upcoming non-renounceable rights issue to shareholders to an additional $1.0 million of the A$4.2 million offer.


The company is no longer listed on the AIM and has terminated its UK representation. Confirmation was received from AIM Regulation, London Stock Exchange that that process was completed on 8 March 2019. The Company is continuing efforts to secure its relisting on the ASX and address the issues raised by the ASX in September 2018.


The company is back on track. It outlines its strategies for the future. The company has a single focus, and that is to bring the Borborema Gold Project into production. It wishes to dispose of non-core exploration projects. It will be withdrawing from AIM and UK. The cancellation of the AIM listing and closure of the UK office will be completed by 8 March 2019 and result in savings of approximately A$0.9M p.a. Another strategy is getting the financials under control. An immediate and significant reduction in the cash burn rate will be undertaken in all areas. Lastl, $4.2m Shareholder offer with up to $3.5m underwriting committed.


The company releases the Results of Meeting,


The Company's nominated adviser, Beaumont Cornish Limited, has informed the Board that it has resigned with immediate effect.


The company has finalised the terms of the proposed rights issue. The funds will be used for the completion of the Borborema Gold Project Bankable Feasibility Study; continued development and maintenance of the Borborema and Juruena Gold Projects in Brazil; costs of the Rights Issue and general working capital purposes. The company also concluded its discussions with its major shareholder, the Copulos Group, and executed a binding conditional underwriting agreement for a partial underwriting of the Rights Issue. The Copulos Group has agreed to underwrite $2.5 million of the Rights Issue pursuant to the terms of the Underwriting Agreement. In relation to the requisitioned shareholder meeting, the board reiterates its recommendation that shareholders vote against the resolutions.


A General Meeting of the company will be held at Clarion Suites Gateway, 1 William Street, Melbourne, Victoria, on Friday, 22 March 2019 at 2pm (AEST).


The company lodges its Quarterly Activities Report.


The company lodges its Quarterly Cashflow Report.


A General Meeting of the Company will be held at Clarion Suites Gateway, 1 William Street, Melbourne, Victoria, on Thursday, 28 February 2019 at 2pm (AEDT).


Stephen Copulos, a major shareholder of the company, has entered into binding agreements to subscribe for an additional A$1 million worth of convertible notes, to assist with the Company's immediate funding requirements. The Additional Convertible Notes have been subscribed for as part of the larger investment round announced on 5 November 2018 and 27 December 2018. The Additional Convertible Notes are on the same terms and conditions as the previously issued convertible notes. A total of A$2.4 million has now been raised by the convertible note raising, with A$1.5 million of this amount having been subscribed for by the Copulos Group.


On 24 January 2019, the company received a notice under section 249D of the Australian Corporations Act 2001 requesting the directors to convene a meeting of the members of the company. Under section 249D, the Directors must call and arrange to hold a general meeting on the request of members with at least 5% of the votes that may be cast at the general meeting. Directors must call the meeting within 21 days after the request is given to the Company and the meeting is to be held not later than 2 months after the notice of request has been received. The Company will consider the validity of the Section 249D Notice and if valid undertake the necessary steps to convene a general meeting in compliance with these requirements.


The Company continues to require further immediate funding for short term general working capital needs and in particular, there is a need to raise additional funding before the end of January for the Group to continue as a going concern. The Board is in advanced discussions to resolve the funding shortfall before the end of January, and intend to follow with a pro rata entitlement issue to eligible shareholders. The timing, quantum and pricing for the Entitlement Issue however have not yet been finalised.


The company has received subscriptions for an issue of further secured convertible notes to raise an additional A$0.5 million before costs, bringing the total funds raised under the Convertible Notes to A$1.4 million. The Board has approved the issue of a further A$0.1 million of Convertible Notes. The proceeds from which the Convertible Notes will be used to provide general working capital for the Company.


The company has appointed Beaumont Cornish as Nominated Adviser to the Company with immediate effect. Since 1 October, the Directors have been in discussions with a number of providers of both debt and equity funding and on 5 November 2018 announced the issue of secured convertible notes to raise AUD$1.0 million before costs. The Company currently requires further immediate funding for short term general working capital needs and the Board intends to issue further Convertible Notes to provide funding for the Group pending completion of the Entitlement Issue. The Company's shares will continue to be suspended from trading on both AIM and ASX pending clarification of its financial position.


Following the successful judgement passed down by the Brazilian courts on 26 October 2018, and subsequently announced on 29 October 2018, the Company received its second instalment payment of R$0.2m (approx. US$0.05m) on 19 November 2018.This is the second payment of the agreement, in which the Buying Company is required to make monthly payments of between R$0.2m (approx. US$0.05m) and R$0.25m (approx. US$0.06m) between November 2018 and March 2019. This will then be followed by 8 monthly payments of approximately R$1m (approx. US$0.27) between April 2019 and November 2019. In relation to the previously owned Posse mine and an environmental claim by the Public Ministry, the Company has now concluded an agreement to resolve the matter. The Company has agreed to pay R$0.04m in 3 instalments and undertake some environmental work estimated to cost R$0.02m. This now concludes the matter.


The company provides an update on its capital raising. Successful convertible issue to raise $1.0 million. An entitlement issue will be announced in the coming weeks. This capital raising is intended to enable Crusader to complete the BFS for the Borborema Gold Project and investigate value realisation options at the Juruena and Novo Astro Gold Project.


The company provides an operations update. The Company has been working closely with IDEMA to ensure that the permitting process is completed efficiently and intends to submit the final application for the installation permit for its Borborema Gold Project middle November. The Company has been advised by IDEMA that the approval of an installation permit would typically be provided within three months of submission and is expected to be received well in advance of completion of the Borborema BFS. Once the installation permit has been received, the company will be in a position to commence construction of the Boborema Mine. The ongoing metallurgical test work being done at the Borborema has indicated that project ore can achieve a 2.0 Mtpa throughput rate at grind sizes of 80% of the material a grinding size of 106μm, would be sufficient to ensure targeted gold recoveries. The impact of the increased grind size on the power requirements are significant and are expected to have a positive impact on the AISC of the project once in operation. Also, the company is pursuing the potential of a farm-in transaction in light of Crusader's core focus of developing Borborema. The Company has already received initial expressions of interest with regard to third parties interested in partnering with Crusader in developing its 100% owned Juruena Gold Project. The Company has successfully obtained an extension to our Juruena exploration tenements for a further three years from the Brazilian National Department of Mineral Production. The Company has been included in an environmental action by the Public Ministry with regard to non-compliance of certain environmental submissions and regulations with regard to the Posse Iron Ore Mine sold by the company in 2017. The company has met with the Public Ministry in this regard and are negotiating a settlement which would not be deemed material. For completeness, the Company cautions that there is no certainty that a settlement may be reached.


The company lodges its Quarterly Activities Report.


The company lodges its Quarterly Cashflow Report.


The company has concluded its legal proceedings against Inter Invest B.P. S/A via SPV CNS Empreendimentos Em Transportes E Minerios Eireli with regards to unpaid instalments on the sale agreement to divest Crusader's 100% interest in the Posse Iron Ore Mine. Following the judgement passed by the Brazilian courts on 26 October 2018, the Buying Company is obliged to make payments totalling R$9.5m (US$2.6m), including fines, interests and penalties. An initial payment was received in October 2018 of R$0.2m (US$0.05m) with the agreement requiring monthly payments of between R$0.2m (US$0.05m) and R$0.25m (US$0.06m) between November 2018 and March 2019 followed by 8 monthly payments of approximately R$1m (US$0.27m) between April 2019 and November 2019. In case of non-payment, the debt will return to the value of the current enforcement action being approximately R$14.5m (US$4.0m).


The securities of Crusader Resources Limited will be suspended from quotation immediately, in accordance with Listing Rule 17.3, pending a response to an ASX query.


The suspension of trading in the securities of Crusader Resources Limited will be lifted immediately, following receipt of an announcement.


Crusader has received written notice from Stratex advising that as a result of the outcome of its general meeting, the Stratex Board wishes to terminate the merger. Crusader has issued a formal notice of termination to Stratex. Crusader will not be under an obligation to repay amounts advanced by Stratex. Crusader and its shareholders remain the 100% owners of the company's flagship Borborema and Juruena Gold Projects in Brazil. Since discussions with Stratex were first initiated, there have been significant advancements on the Company's assets. Also, Crusader's exclusivity provisions relating to the SID are no longer in place, allowing the Board to openly and immediately consider previously received and new approaches from third parties.


Crusader is continuing to assess its options and the potential impact of any purported termination of the merger on Crusader. The company will be in a position to make an announcement in this regard on or before 9 November 2017.


The securities of Crusader Resources Limited will be suspended from official quotation from the commencement of trading today, 2 November 2017, at the request of the Company pursuant to listing rule 17.2, pending the release of an announcement regarding the status of the potential merger between the Company and Stratex International plc.


The suspension of trading in the securities of Crusader Resources Limited will be lifted immediately, following receipt of an announcement.


The company plans to accelerate development of the Juruena Gold Project and complete the Bankable Feasibility Study at the Borborema Gold Project, following completion of a Placement raise a total of $8.5 million (before costs). The Placement, which was significantly oversubscribed, was to institutional and sophisticated investors in Australia and overseas, including $750,000 from Crusader's Chairman, Stephen Copulos. It was managed by Patersons Securities Limited and co-managed by Tamesis Partners LLP. In total 65,384,619 Ordinary CAS shares are to be issued, at $0.13 per share, which represents an 18% discount to the 5-day volume weighted average price for the period ending on 21 September 2016.


The securities of Crusader Resources Limited will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement.


Brazil focused gold development company Crusader Resources is pleased to advise that following significant global demand, it has arranged a Placement to raise a total of $5.5 million (before costs). Patersons Securities Limited acted as Lead Manager to the Placement.


The suspension of trading in the securities of Crusader Resources Limited will be lifted immediately following the release of an announcement regarding a placement of $5.5 million


The securities of Crusader Resources Limited "Company") will be suspended from official quotation immediately at the request of the Company, pending the release of an announcement.


securities reinstated


securities suspended pending an announcement


securities reinstated


securities suspended pending an announcement


securities reinstated


the securities of Crusader Resources Limited (the "Company") will be suspended from quotation immediately, at the request of the Company, pending the release of an announcement


securities reinstated


securities suspended pending an announcement


name changed from Crusader Holdings NL

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    Directors' on-market share transactions (last 5)

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    Purchases Sales

    05/12/2016James Rogers176,000$0.100$17,640
    14/11/2016James Rogers30,000$0.110$3,300
    17/06/2016Stephen CopulosOn market1,200,000$0.163$196,029
    14/06/2016Stephen CopulosOn market1,070,445$0.140$151,221
    26/05/2016Stephen CopulosOn market1,000,000$0.143$143,299

    Click here for the last 20 transactions all companies

    Directors & Executives (current)
    Stephen CopulosNon Exec Chairman28/02/2013
    Andrew BeigelCFO, Company Secretary25/05/2010
    John EvansFinance Director15/05/2013
    Michael S. JonesIndependent Director14/02/2018
    Andrew RichardsExecutive Director28/02/2019

    Date of first appointment, title may have changed.

    Directors & Executives (former)
    Andrew VickermanNon Exec Chairman, Independent Director14/02/201828/02/2019
    Marcus EngelbrechtManaging Director20/11/201728/02/2019
    Paul StephenExecutive Director17/11/200930/01/2019
    James RogersNon Exec Director03/03/201614/02/2018
    Mauricio FerreiraNon Exec Director19/04/201314/02/2018
    Rob SmakmanManaging Director, CEO02/08/200520/11/2017
    David NetherwayNon Exec Director01/07/201114/05/2015
    Justin EvansDirector24/11/200315/05/2013
    David ArcherNon Exec Chairman26/04/200606/03/2013
    Murray HodgesDirector24/11/200323/11/2011

    Date of first appointment, title may have changed.