The ASX-listed miner said the funds raised would be used to accelerate planned exploration programs including drilling and feasibility work at the company’s Couflens project in France and progressing the adjacent Aurenere project in neighbouring Spain.
The placement is being made to leading European institutions, including one of the world’s largest mining funds, at an issue price of A$0.23, representing a 13% discount to the 20-day volume weighted price average (VWAP) of A$0.265.
At the Couflens project, the Company is focused on the potential reactivation of the historical Salau mine which was one of the world’s highest grade tungsten mines and is open at depth, with significant gold potential.
The company is also planning drilling programs to test gold and tungsten exploration targets in the wider region across both the Couflens project and the Aurenere project.
Recent work programs have confirmed the presence of widespread high grade gold (up to 33.9 g/t) and tungsten (up to 8.25% WO3) within the Company’s 97km² landholding in the Pyrenees region.
Apollo expects to issue the placement shares on or about 11 April 2018.