Apollo Consolidated to Bank $20M from Gold Royalty Sale

THE BOURSE WHISPERER: Apollo Consolidated (ASX: AOP) is to be cashed up to the tune of $20 million having entered into a binding sale and purchase agreement with Gold Royalty Corp. for its royalty interest over the Seguela gold project located in central Cote d’Ivoire.

Apollo Consolidated’s of 100 per cent of the Seguela gold royalty monetises what is a non-core asset with the subsequent windfall to provide certainty of funding for further exploration and study work at the company’s Lake Rebecca gold project in Western Australia.

“Apollo sees an agreed sale of the Seguela royalty as an excellent result, bringing to book what was an under-recognised overseas asset and allowing us a significant financial runway to progress our +1 million ounces gold project at Lake Rebecca in Western Australia,” Apollo Consolidated managing director Nick Castleden said in the company’s ASX announcement.

“Realised funds, less any tax and transaction costs, will add to existing cash reserves ($18.7M as at 31 December 2020), placing the company in a very strong position to take Rebecca forward.”

Apollo has notified the owner of the Seguela gold project, Canadian-based goldminer Roxgold Inc., of its intention to sell the Royalty as Roxgold has a 14-day period in which it may elect to match the terms of the Agreement to buy back the Royalty itself.

 

TO READ THE FULL ANNOUNCEMENT: CLICK HERE

 

Email: info@apolloconsolidated.com.au

 

Web: www.apolloconsolidated.com.au