By Sheri Kasprzak
New York, Oct. 21 - Apollo Gold Corp. said it is settling a private placement for $3,495,000.
The company issued 11.65 million units at $0.30 each to Jipangu Inc. and its subsidiary Jipangu International Inc.
The units are comprised of one share and one warrant for 0.17167 of a share - for a total of 2 million warrants. The whole warrants are exercisable for two years at C$0.39 each.
The offering was conducted as part of an agreement between the two companies, under which Apollo sold all shares of Florida Canyon Mining Inc., Standard Gold Mining Inc. and Apollo Gold Exploration, Inc. to Jipangu for $14 million.
In addition, Jipangu advanced $2.5 million to Apollo for a promissory note due June 1, 2006. The note does not bear interest until Dec. 1, at which time it will begin accruing interest at 7.3% annually.
Based in Greenwood Village, Colo., Apollo is a gold exploration company.
Issuer: | Apollo Gold Corp.
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Issue: | Units of one share and one warrant for 0.17167 of a share
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Amount: | $3,495,000
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Units: | 11.65 million
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Price: | $0.30
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Warrants: | One warrant for 0.17167 shares per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.39
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Investor: | Jipangu Inc.
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Settlement date: | Oct. 17
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Stock price: | $0.29 at close Oct. 17
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