Apollo Consolidated has issued 30 million shares to investors, issued at $0.20 per share to raise $6 million, before costs.
This money is expected to be used towards the accelerated reverse circulation (RC) and diamond drilling at the Lake Rebecca Gold project where there is currently already multiple drills occurring.
Lake Rebecca contains three node-style prospects which host broad gold mineralisation associated with disseminated sulphide in a gneissic host rock.
Some highlights include 2.44g/t AU at 21 meters and 2.90g/t AU at 8 meters. Managing Director Nick Castleden is delighted with the high support of demand from investors.
“We are delighted to be welcoming a number of new institutional investors to the register as well as acknowledging the continued strong support of our existing shareholders. The high level of demand for the Placement is an endorsement of Apollo’s project, strategy, and prospects as we move into an exciting new phase for the Company,” he said.