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Apollo Minerals Moves To Raise Up To $1M For Titan Project Exploration

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.

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