By Devika Patel
Knoxville, Tenn., June 9 - Apollo Minerals Ltd. will conduct a A$4.39 million private placement of shares, according to a press release from investor China Armco Metals, Inc. This placement will result in the investor owning a 19.9% stake in Apollo.
The company will sell 29.25 million common shares at A$0.15 per share. Of the shares, 12.5 million will be sold in an initial tranche, with the remaining 16.75 million to be sold in a second tranche.
China Armco will also receive five-year options for an additional 5 million shares at A$0.25 per share. Half of the options will vest one year after closing with the balance vesting after two years.
Based in West Perth, Australia, Apollo is a mineral exploration company.
| Issuer: | Apollo Minerals Ltd.
|
| Issue: | Common shares
|
| Amount: | A$4,387,500
|
| Shares: | 29.25 million
|
| Price: | A$0.15
|
| Options: | For 5 million shares
|
| Option expiration: | Five years
|
| Option strike price: | A$0.25
|
| Investor: | China Armco Metals, Inc.
|
| Pricing date: | June 9
|
| Stock symbol: | Australia: AON
|
| Stock price: | A$0.15 at close June 9
|
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