Key points
- Apollo Minerals raises $2M through a shortfall offer
- Capital DI Limited takes a strategic $1.45M stake
- Funds to accelerate exploration at the Salanie Gold Project in Gabon
Full summary
Apollo Minerals Limited (ASX: AON) has announced that it has received commitments to subscribe for 143,014,350 shares under its previously announced shortfall offer, raising gross proceeds of approximately $2.0 million. The shortfall offer was cornerstoned by a strategic investment from Capital DI Limited ('Capital') and its key supporters, who have committed to subscribe for approximately $1.45 million. The investment by Capital, who have recently commenced drilling at the Company's Salanie Gold Project ('Salanie') in Gabon, places the Company in a strong financial position to accelerate exploration activities and highlights the potential of Salanie as an emerging high-grade gold system. As part of the strategic investment, Capital will have the right to appoint one person as a non-executive director, provided they hold voting power (as defined in the Corporations Act 2001 (Cth)) in the Company of at least 10%. Alpine Capital Pty Ltd have acted as Lead Manager to a portion of the Shortfall Offer and will receive a fee of 6% relating to amounts placed by them under the Shortfall Offer. The Company intends to issue the shortfall shares on or around 12 February 2025.
Outlook
The successful placement of the remaining shortfall places the Company in a strong cash position as it aggressively pushes forward with exploration at the Salanie Gold Project.