PERTH (miningweekly.com) – Junior Apollo Minerals will raise A$3.25-million through a share placement to fund exploration at its Kroussou base metals project, in Gabon.
The ASX-listed Apollo on Friday reported that it would place up to 50-million shares, at a price of 6.5c each, to sophisticated investors.
The placement will be done in two tranches, with the first tranche consisting of 45.15-million shares, to be issued under the company’s existing placement capacity.
The second tranche of 4.85-million shares will be issued to current and former directors of the company, and would be subject to shareholder approval.
“These funds will support the broader scale drilling and surface exploration programmes we have planned at the Kroussou project during 2021. We are very excited to have commenced drilling and look forward to testing the many identified targets at the project,” said Apollo executive director Neil Inwood.
“The significant support received from existing investors and directors highlights the opportunity for value creation as we systematically explore a large scale, near surface zinc/lead project which has more than 80 km of prospective strike and multiple opportunities for significant discovery.”