Apollo Minerals (ASX:AON) has received commitments to subscribe for just over 143 million shares under its previously announced shortfall offer to raise $2 million.
The shortfall offer was cornerstoned by a strategic investment from Capital DI and its key supporters, which have committed to subscribe for some $1.45 million.
Alpine Capital acted as lead manager to a portion of the shortfall offer.
The company intends to issue the shortfall shares on or around 12 February 2025.
Apollo says the investment by Capital DI, which recently started drilling at the company’s Salanie Gold Project in Gabon, places it in a strong financial position to accelerate exploration activities and highlights the potential of Salanie as an emerging high-grade gold system.
As part of the strategic investment, Capital DI will have the right to appoint one person as a non-executive director, provided they hold voting power of at least 10%.
Apollo directors have exercised their discretion to offer the shortfall securities in accordance with the offer document.
Apollo Managing Director Neil Inwood says the placement of the remaining shortfall places the company in a strong cash position as it aggressively pushes forward with exploration at Salanie.
Write to Adam Orlando at Mining.com.au
Images: Apollo
