Apolo Gold & Energy terminates $10 million equity line

By Sheri Kasprzak

New York, July 17 - Apolo Gold & Energy, Inc. cancelled its $10 million equity line with Dutchess Private Equity Fund II, LP.

Under the terms of the equity line, into which Apolo entered in October 2005, Dutchess could purchase up to 100 million shares for up to $10 million.

"The investment agreement was terminated to eliminate an impediment perceived by investment bankers to raising additional capital to sufficiently fund the registrant's business plan," said a form 8-K Apolo filed with the Securities and Exchange Commission on Monday.

Before the termination, Apolo had sold 2,364,387 shares for proceeds of $229,344 to Dutchess under the agreement.

Apolo, based in Vancouver, B.C., is a gold and oil exploration company.

On Monday, the company's stock lost a penny to close at $0.09 (OTCBB: APLL).

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