23/04/2019 - 10:54

Apollo raises $6m

23/04/2019 - 10:54

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Apollo Consolidated has raised $6 million via a share placement, with the funds set to primarily go towards drilling at the company’s flagship Lake Rebecca gold project.

Apollo raises $6m
Apollo is an aspiring gold producer.

Apollo Consolidated has raised $6 million via a share placement, with the funds set to primarily go towards drilling at the company’s flagship Lake Rebecca gold project.

Under the placement, Apollo issued shares at 20 cents each, a 13 per cent discount from its previous closing price of 23 cents per share.

Canaccord Genuity and Argonaut acted as joint lead managers and book runners to the placement.

In a statement, Apollo said the capital raised would be applied towards accelerated reverse circulation and diamond drilling at Apollo’s Lake Rebecca project, where a multi-rig campaign is currently underway, as well as for general working capital.

Apollo managing director Nick Castleden said the company was delighted to be welcoming a number of new institutional investors to the register.

“The high level of demand for the placement is an endorsement of Apollo’s project, strategy and prospects as we move into an exciting new phase for the company,” he said.

“The Rebecca project in particular, where a 20,000 metre drilling program is underway to delineate and build upon our recent gold discoveries.”

The Rebecca project is located 150 kilometres north east of Kalgoorlie.

Apollo also has other exploration permits in WA, as well as in the West African country of Côte d’Ivoire.

Shares in the company were down 2.17 per cent to trade at 22 cents each at 12.15pmAEDT.

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