Apollo MineralsLtd. said May 11 that it appointed Ian Middlemas as chairman of thecompany and that it is planning to raise up to A$4.4 million.
The company will undertake a placement of 34 million shares at5 Australian cents per share, after a 1-for-4 share consolidation, to raise A$1.7million.
Apollo will also announce a 1-for-1 nonrenounceable entitlementsissue at 5 cents apiece to raise gross proceeds of up to a further A$2.7 million.
The board also named Mark Pearce as a director and company secretary.
Eric Finlayson and Guy Robertson will resign as directors whenthe new directors formally join.