Apollo Minerals Ltd has secured commitments to raise around A$2 million through its shortfall offer, with Capital DI Limited and its key supporters contributing A$1.45 million as cornerstone investors.
Salanie Project funding
Apollo’s managing director Neil Inwood said: “We are very excited to have Capital on board as a strategic partner, along with Alpine Capital, as we advance exploration on our evolving Salanie Gold Project.”
The investment strengthens Apollo Minerals’ financial position and provides support for the company’s ongoing exploration activities at its Salanie Gold Project in Gabon.
The Salanie project is emerging as a high-grade gold system and the funding will enable the company to accelerate drilling and further assess its potential.
READ: Apollo Minerals secures A$1.25 million to advance Salanie Gold Project exploration
As part of the investment agreement, Capital will gain the right to appoint a non-executive director to Apollo Minerals’ board, provided it maintains a minimum 10% voting power in the company, as defined under the Corporations Act 2001 (Cth).
Alpine Capital Pty Ltd acted as lead manager for a portion of the shortfall offer and will receive a 6% fee for funds placed through its efforts.
In line with the terms of the shortfall offer, Apollo Minerals’ directors exercised their discretion to allocate the remaining shortfall securities in accordance with the offer document. The company expects to issue the shortfall shares around February 12, 2025.
Aggressive exploration
“The successful placement of the remaining shortfall places the company in a strong cash position as we aggressively push forward with exploration at Salanie,” Inwood said.
“On behalf of the company, I would like to thank our existing and new shareholders for their ongoing support as we enter this exciting period.
“We look forward to receiving results from key targets in this developing and minimally tested gold system”