Ann: Proposed Acquisition of Crusader, page-2

Looks good on first read, 18 cents a share offer.

Key highlights:
- Values each Crusader share at A$0.18, a significant 56.5% premium to the price at which Crusader shares last traded
- Immediately following the Proposed Transaction, Crusader shareholders will continue to own approximately 81.0% of the enlarged company on a fully diluted basis
- Stratex’s significant cash balance of over A$12 million and prospective exploration interests will be combined with Crusader’s well regarded Borborema and Juruena projects, creating greater scale and asset diversity
- Potential for improved trading liquidity and capital markets access associated with the enhanced size of the combined group, listing in the London market and access to a wider range of investors, both institutional and retail