Australia-based iron ore explorer Apollo Minerals has raised $650,000 through a share placement to fund its Titan project in South Australia.
The placement is a part of company’s plan of raising total funds of $1.65m.
Apollo placed 16,250,000 new shares at 4 cents per share for the undisclosed institutional investors.
Proceeds from the placement will be used to continue its operations Titan Base-Precious Metals project and other targets including geophysics, surface sampling and a drilling program.
The company is currently undertaking initial drilling at Acacia East Base Metals Prospect expected to be completed by first quarter of fiscal 2013.