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Apollo appoints chairman, plans to raise up to A$4.4M

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.