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Proactiveinvestors is a leading multimedia news organization, investor portal and events management business with offices in New York, Sydney, Toronto and London. Proactiveinvestors operates five financial websites in four languages providing breaking news, comment and analysis on hundreds of... More
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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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