Apollo Minerals (ASX:AON) has secured a significant financial boost as Tribeca Investment Partners committed to a $2.8 million strategic placement.
Under the agreement, Tribeca will subscribe for 70 million new ordinary shares at $0.04 per share, which, upon shareholder approval, will grant them a 5.6% stake in the company.
The capital injection follows a recent $6.5 million, raising and is specifically earmarked to accelerate exploration and development at the Couflens High Grade Tungsten Gold Project in southern France.
The project includes the historical Salau mine, formerly one of the world’s highest-grade tungsten producers.
Managing Director Neil Inwood noted that the partnership validates the "significant scale opportunity" of the Couflens site as the company moves to unlock its untapped exploration potential.
At the time of reporting, Apollo Minerals' share price was $0.051.