PERTH (miningweekly.com) – ASX-listed junior Apollo Minerals will raise A$6-million through an institutional placement to accelerate work programmes at the Couflens project, in France, and the Aurenere project, in Spain.
Apollo will issue 26.1-million shares, at a price of 23c each, to raise the costs, with the placement price representing a 13% discount to the company’s 20-day volume-weighted average share price.
The shares will be issued under Apollo’s existing placement capacity, and following the share placement, Apollo will have 166-million shares on issue.
The funds raised will be used to accelerate planned exploration programmes, including drilling and feasibility work at the Couflens tungsten/copper/gold project, and to progress the Aurenere tungsten/gold project, where Apollo recently acquired a 75% interest.