PERTH (miningweekly.com) – ASX-listed Apollo Consolidated will raise A$10-million to accelerate drilling activities at its flagship Lake Rebecca gold project, in Western Australia.
The junior would place 47.6-million shares, at a price of 21c each to institutional and sophisticated investors under its existing placement capacity.
“Apollo is very pleased to welcome a number of new institutional investors to the register and recognises the continued strong support from our existing shareholders. The high level of demand for the placement is a recognition of the quality of the maiden gold mineral resource at Rebecca, other assets and prospects as we move into an exciting new phase for the company,” said Apollo MD Nick Castleden.
He noted that the placement fund raised would be used to ramp up reverse circulation and diamond drilling activities at Lake Rebecca to expand the maiden resource of more than one-million ounces, for optimisation studies, delineation work, and for general working capital.
“The Rebecca project will see sustained reverse circulation and diamond drilling that offers great potential to add to the value of what has already been created. The recently unveiled one-million-ounce maiden mineral resource sits in an excellent location in Western Australia’s Goldfields, looks robust and continuous at typical cut-off grades, and we see clear opportunity to expand through step-out drilling and exploration into under-explored strike corridors,” Castleden said.