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  • Apollo Minerals Moves To Raise Up To $1M For Titan Project Exploration 0 comments
    Feb 22, 2013 12:42 AM

    Apollo Minerals (ASX: AON) has kicked off the second half of its A$1.65 million capital raising to fund exploration at its Titan Base and Precious Metals Project in South Australia.

    The company is targeting up to $1 million through a Share Purchase Plan to existing shareholders who are being offered up to $15,000 worth of shares at $0.04 per share.

    This represents a 5% discount to the volume weighted average price of the company's shares traded on the ASX during the five trading days immediately prior to the announcement date of the Plan and a 7% discount to the closing price on 21 February 2013.

    Funds raised will be used for:

    - Initial drilling of the Acacia East Base Metals Prospect;
    - Acquiring electromagnetic and gravity data over similarly prospective ground elsewhere on the Titan Base-Precious Metals Project;
    - Drill testing of possible high grade iron ore mineralisation; and
    - Increase working capital.

    Apollo has already secured commitments from institutional and sophisticated investors for $650,000 worth of new shares under a separate placement on the same terms.

    The Acacia East prospect is situated around 3 kilometres east of the previously shallowly drilled Acacia Prospect where drilling returned results of up to 12 grams per tonne silver, 0.32% nickel, 310 parts per million copper and 0.21% zinc in mafic and ultramafic lithologies.

    Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX "Small and Mid-cap" stocks with distribution in Australia, UK, North America and Hong Kong / China.

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