PERTH (miningweekly.com) – ASX-listed Apollo Consolidated is hoping to raise A$6-million through a share placement to accelerate drilling at its Lake Rebecca gold project, in Western Australia.
The junior on Tuesday said that it had agreed to place 30-million new fully paid ordinary shares, at a price of 20c each, to institutional and sophisticated investors.
The shares will be placed under Apollo’s existing capacity, and will not require shareholder approval.
Apollo MD Nick Castleden said that the placement was well supported by existing and new institutional investors, primarily based in Australia and North America.
“We are delighted to be welcoming a number of new institutional investors to the register as well as acknowledging the continued strong support of our existing shareholders.
“The high level of demand for the placement is an endorsement of Apollo’s project, strategy and prospects as we move into an exciting new phase for the company, and the Rebecca project in particular where a 20 000 m drilling programme is under way to delineate and build upon our recent gold discoveries.”