PERTH (miningweekly.com) – Metals explorer Apollo Minerals is hoping to raise A$4.4-million to fund its search for new projects.
The ASX-listed junior said on Wednesday that it would seek shareholder approval for a one-for-four share consolidation, thereby reducing its current number of shares on issue to 1.5-million.
Following the completion of the consolidation, and subject to shareholder approval, Apollo would place 30-million shares, at 5c each, to raise an initial A$1.5-million.
A further four-million shares, priced at 5c each, would be placed to director Richard Shemesian, to raise a further A$200 000.
Following this, Apollo would then undertake a one-for-one pro-rata nonrenounceable entitlement offer, also priced at 5c a share, to raise up to $2.7-million.
The company said it would use the funds raised to accelerate project generation activities focused on the identification of new opportunities in resources and other sectors.
Meanwhile, Apollo had also announced a board and management restructure, which would see the appointment of Ian Middlemas as chairperson, and Mark Pearce as director, effective from the completion of the share placement.
As part of the board changes, directors Eric Finlayson and Guy Robertson would resign.