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Crusader Resources puts its hand up for takeover

Crusader shares will be valued at A$0.18 in an all scrip deal
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Crusader has gold and iron ore interests

Crusader Resources (ASX:CAS) has signed a non-binding heads of agreement with Stratex International plc (AIM:STI) for Stratex to acquire Crusader in an all scrip transaction.

Each Crusader share will be exchanged for 6.60 Stratex shares.

This provides a valuation of A$0.18 for each Crusader share, well above the A$0.11 per share prior to the trading halt being called to outline the transaction.

Stratex is well-funded with A$12 million in cash.

Crusader has interests in Brazil, with Stratex focused on Turkey, Senegal and Ghana.

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