The Denver-based Apollo Gold Corporation has secured $70 million in financing to complete development of its Black Fox Project, located 75 kilometres east of Timmins.
Two Australian financial institutions have committed to lend Apollo the money, including the Sydney-based Macquarie Bank, and the Melbourne-based RMB Australia Holdings Limited.
In exchange for having provided the financing, the pair of banks were issued share warrants, which, if exercised, would provide Macquarie Bank 10.9 per cent of Apollo, while RMB would hold 6.8 per cent.
This move will allow the company to begin mining in the Black Fox open pit in March 2009, with commissioning of the associated mill in April 2009.
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