Management Changes and Timetable for Entitlements Issue

ID: 1552122
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(businesspress24) - Apollo Minerals Limited (Apollo Minerals or Company) is pleased to advise that Mr Bradley Drabsch has joined the Company as a consultant to assist with the Companys operations at the large scale, near surface Kroussou zinc-lead project (Kroussou Project) in western Gabon (refer to ASX Announcement of 3 September 2019).

Mr Drabsch is a geologist with over 20 years experience and has extensive, first-hand knowledge of the Kroussou Project. He was most recently the Managing Director at Trek Metals Limited, where he was responsible for identifying and securing the Kroussou Project and for validating its large scale, near surface zinc-lead potential.

The Company also advises that, Mr Hugo Schumann, Executive Director, will transition to a Non-Executive Director role from the end of September 2019. This follows Mr Schumanns decision to leave the Company to pursue an employment opportunity at a technology-driven natural resources company in the USA.

The Board would like to thank Mr Schumann for his contribution to the Company where he was instrumental in attracting leading institutional investors onto the Company register, positively transforming stakeholder relations in France, progressing work programs at the Couflens Project, and assisting with the due diligence and acquisition of the Kroussou Project in Gabon. Mr Schumann will remain involved as a Non-Executive Director of the Company for the time being to oversee the commencement of activity at the Kroussou Project and to assist with the appeals process for the Couflens Project. Mr Schumann was also engaged under a consultancy agreement with Nat Res Consulting Ltd which will cease at the end of September 2019.

The Company advises that the employment agreement between Dr Michel Bonnemaison (Non-Executive Director) and the Companys French subsidiary Variscan Mines SAS has been terminated for breach of company policy. He no longer holds executive positions on the Companys local subsidiaries and the services contract with his company E-Mines was also terminated.

Entitlements Issue
As previously announced, the Company will undertake a one (1) for one (1) pro rata non-renounceable entitlement offer (Entitlement Offer).

Under the terms of the Entitlement Offer, eligible shareholders will be entitled to acquire one (1) new ordinary share (New Share) for every one (1) ordinary share held at the record date (being 18 September 2019). New Shares under the Entitlement Offer will be offered at $0.025 per share to raise up to $4.2 million before costs.

The indicative timetable for the Entitlement Offer is provided below:

Event Date
Lodgement of Offer Document & Thursday, 12
Appendix 3B with September
ASX 2019

Notice of Offer sent to Optionholders Friday, 13
(Day September
0) 2019

Notice of Offer sent to Shareholders Monday, 16

Shares quoted on an Ex basis Tuesday, 17

Record Date (at 5:00pm WST) Wednesday, 18

Offer Document and Entitlement and Monday, 23
Acceptance Form despatched to September
Eligible Shareholders 2019

Opening Date of Offer Monday, 23

Last day to extend the Closing Date* Wednesday, 2 Octo

Closing Date of Offer (at 5:00pm WST) Monday, 7

Securities quoted on a deferred Tuesday, 8
settlement October
basis 2019

Notification of Shortfall Thursday, 10

Anticipated date for issue of the New Friday, 11
Shares and Deferred Settlement October
Trading 2019

Anticipated date for dispatch of Tuesday, 15
holding October
statements 2019

This timetable is indicative only and subject to change
* Subject to the Listing Rules, the Directors reserve the right to extend the Closing Date for the Offer. Any extension will have a consequential effect on the anticipated date of issue for the Securities

As previously announced, the Company recently applied to the French Ministry of Labour to place its local operating subsidiary Mines du Salat into a state of partial activity as a result of the negative court ruling to cancel the PER Couflens (the Couflens exploration permit). This would allow the Company to maintain the employment of key members of staff while the appeal process against the court ruling was heard. The Ministry of Labour had previously rejected the Companys application for partial activity. Following the Companys appeal of this rejection, the French Ministry of Labour has now revised its decision and approved a state of partial activity for Mines du Salat.

Furthermore, the Company advises that, as a consequence of the cancellation of the Couflens PER, the Company will write down the exploration and evaluation assets to nil for the Couflens Project in its 30 June 2019 financial statements.

For further information contact:

Hugo Schumann
Tel: +44 207 478 3900

Robert Behets
Tel: +61 8 9322 6322

Email: info(at)

More information: https:// http://www.blacks-dating-i

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Date: 09/12/2019 - 01:04
Language: English
News-ID 1552122
Character count: 6347
Firma: Apollo Minerals Limited
Ansprechpartner: Feedback to about Pressrelease-id:
Stadt: Wien


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