Apollo Minerals announces new funding initiative

Apollo Minerals (ASX:AON) is launching a non-renounceable pro-rata entitlement offer to raise approximately $3.25 million. The offer is priced at $0.014 per new share and allows eligible shareholders to acquire one new share for every three shares held. The offer will open on December 2, 2024, and close on December 17, 2024. Funds will support exploration in Gabon and Serbia.

Overview of Apollo Minerals' entitlement offer and strategic plans

Apollo Minerals is set to raise $3.25 million through a non-renounceable pro-rata entitlement offer, priced at $0.014 per share. The funds will be allocated to exploration projects in Gabon and Serbia, as well as general corporate activities. Approximately $2.69 million is dedicated to exploration, with $500,000 for corporate costs and $60,000 for offer expenses. The offer is open to eligible shareholders in specific jurisdictions, with no minimum subscription requirement and is not underwritten. The company expects to issue about 232.1 million new shares if fully subscribed, increasing the total shares to approximately 928.5 million. This initiative reflects Apollo Minerals’ focus on leveraging opportunities in international markets to drive growth.

Executive commentary on Apollo Minerals' strategic move

The funds raised will significantly bolster our exploration activities in Gabon and Serbia, providing the necessary resources for advancing our projects. We are committed to enhancing shareholder value through strategic investments in these promising regions.