Proceeds used for drilling program, project development scoping study
By Devika Patel
Knoxville, Tenn., May 8- Apollo Minerals Ltd. said it increased a private placement of shares to A$3.58 million from A$1.6 million. CPS Securities Pty Ltd. is the lead manager for the deal, which priced April 20.
The company is now selling 89.55 million shares at A$0.04 per share, a 20% discount to the April 19 closing share price of A$0.06.
Jindal Steel and Power will invest A$1 million.
Proceeds will be used for a drilling program and project development scoping study for the Sequoia prospect at the Commonwealth Hill Iron Project.
Based in West Perth, Australia, Apollo is an iron ore exploration company.
| Issuer: | Apollo Minerals Ltd.
|
| Issue: | Shares
|
| Amount: | A$3,582,000
|
| Shares: | 89.55 million
|
| Price: | A$0.04
|
| Warrants: | No
|
| Manager: | CPS Securities Pty Ltd. (lead)
|
| Investor: | Jindal Steel and Power (for A$1 million)
|
| Pricing date: | April 20
|
| Upsized: | May 8
|
| Stock symbol: | Australia: AON
|
| Stock price: | A$0.05 at close April 19
|
| Market capitalization: | A$8.13 million
|
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