Apollo Minerals (ASX:AON) has secured firm commitments for a placement to raise $3.4 million.
The company says the placement, which was strongly supported by a range of existing and new institutional, sophisticated, and professional investors, will result in the issue of approximately 136 million new fully paid ordinary shares at $0.025 per share.
Funds raised will be used primarily to accelerate exploration activities at the Salanie Gold Project, located 16km from the major town of Lambarene, and less than 2km from the sealed N1 highway and lies within its 100% owned Keri Permit (G4-456).
Euroz Hartleys acted as sole lead manager to the company in the placement.
Apollo Minerals Managing Director Neil Inwood says the strong support from existing and new shareholders for the placement is a testament to the significance of its recent high-grade gold discovery at Salanie.
“We are in a fantastic position to aggressively advance exploration at Salanie and look forward to kicking off our maiden drilling campaign in early CY2024.”
Write to Adam Orlando at Mining.com.au