Saturn Metals (ASX:STN) to raise $14M for Apollo Hill Gold Project development

Saturn Metals secured $14 million through a share placement aimed at advancing the Apollo Hill Gold Project.

The placement will be executed in two tranches, with 55.6 million shares expected to be issued by July 5.

An additional 29.2 million shares will be issued subject to shareholder approval, expected to take place on Aug. 15.

"This funding will enable the company to take significant steps along that development pathway with the aim of unlocking the full value potential of the project and our exploration tenure," said Ian Bamborough, managing director of Saturn Metals.

The funds will also be utilised for pre-feasibility study activities, mineral resource drilling, permitting for the pilot phase, exploration, and working capital.