Investors also receive free attaching options on a one-for-four basis
By Devika Patel
Knoxville, Tenn., June 9 - Apollo Minerals Ltd. will conduct a A$1.3 million private placement of shares. CPS Securities Pty Ltd. is the lead manager.
The company will sell the shares at A$0.055 per share, an 8.33% discount to the Nov. 14 closing share price of A$0.06.
Investors will also receive free attaching options for additional shares at A$0.10 per share. The options, issued on a one-for-four basis, will expire on Nov. 30, 2012. The strike price is a 66.67% premium to the Nov. 14 closing price.
Proceeds will be used for a drilling program and project development scoping study for the Sequoia prospect at the Commonwealth Hill Iron Project.
"This raising ensures that the company can continue work towards its goal of fast tracking its Commonwealth Hill Project towards production which is the ultimate way in which we can deliver value to our shareholders," chairman Tony Ho said in a press release.
Based in West Perth, Australia, Apollo is a iron ore exploration company.
| Issuer: | Apollo Minerals Ltd.
|
| Issue: | Shares
|
| Amount: | A$1.3 million
|
| Price: | A$0.055
|
| Options: | One for four
|
| Option expiration: | Nov. 30, 2012
|
| Option strike price: | A$0.10
|
| Manager: | CPS Securities Pty Ltd. (lead)
|
| Pricing date: | Nov. 15
|
| Stock symbol: | Australia: AON
|
| Stock price: | A$0.059 at close Nov. 15
|
| Market capitalization: | A$9.27 million
|
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