Apollo shareholders agree to HPX deal
PERTH (miningweekly.com) – The shareholders of junior Apollo Minerals have approved a strategic alliance with High Power Exploration (HPX) to explore for base metals at a new iron-ore/copper gold frontier, in South Australia.
At an extraordinary general meeting, Apollo shareholders approved the issue of 50-million shares, at 2c a share, to raise A$1-million, which would give HPX a 10.13% interest in the junior explorer.
HPX was also given the option to increase its shareholding in the company to 19.99%, through the issue of a further 60.8-million shares, at a price of 2.4c a share.
Further milestones in the strategic alliance would involve a two-phase A$3.4-million farm-in to earn up to an 80% interest in certain of Apollo’s South Australian tenements. Up to A$1.25-million of the placement money would be applied towards the farm-in expenditure.
Following the farm-in, the two parties would establish the Commonwealth Hill joint venture (JV).
Apollo said on Tuesday that its agreement with HPX would not affect any of its other JV agreements, including its right to earn a 75% interest in the Eagle Hawk JV and the Mars Aurora-Tank JV.
With the strategic alliance now approved, Eric Finlayson will be appointed to the Apollo board as a representative for HPX.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation