A book-build process is underway, with AIM-bound Crusader to primarily use the funds to optimise its Borborema gold project in Brazil - including completion of a bankable feasibility study within 12 months.
Borborema is seen as a potential 2 million tonne per annum mining and processing operation yielding about 70,000 ounces per annum.
The previous board and management at Crusader were looking at a larger development.
Crusader will also use the funds for exploration at its Juruena and Novo Astro gold assets.
Crusader said Anglo American had recently pegged a large ground position near the two exploration assets, with "speculation" being the major has found a large copper-gold porphyry.
Shares in Crusader were down 10.5% to A6.8c in midday ASX trade, capitalising the company at A$24 million.
The stock was at levels around 12-13c in mid-2017.
