Photo by: Bloomberg
PERTH (miningweekly.com) – ASX-listed junior Apollo Minerals announced plans to list its Fraser Range nickel/copper and gold assets on the Australian bourse through an initial public offering (IPO).
The separate listing of Apollo’s subsidiary Constellation Resources, would allow the company to focus its efforts on its Couflens tungsten/copper/gold and Aurenere projects, in France and Spain respectively.
The listing would also ensure that Constellation would have a dedicated management team and funding for exploration activities on the Fraser Range assets.
Constellation is expected to offer about 35-million new shares at a price of 20c each, to raise A$7-million.
Apollo’s Australian shareholders with at least 12 500 shares receive priority entitlement to subscribe for Constellation shares on a one-for-five basis.
Subscribers will also receive one free attaching listing option, with an exercise price of 20c each, expiring at the end of July 2021.