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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