Offshore mining firm Apollo Global Capital Inc. has successfully raised P988 million from a share sale.
Apollo Global on Tuesday listed 12.35 billion common shares that were sold to investors at an offering price of P0.08 apiece
Apollo Global plans to use net proceeds from the offering to acquire a 49-percent stake in Poet Blue Ocean, a special purpose vehicle, which owns the MB Siphon I vessel that will be used for the offshore mining activities of JDVC Resources Corp.
The company will also allocate a portion of the proceeds to purchase environmental and ecological mitigating measures, equipment and insurance, as well as for general corporate purposes.
Formed in 1998, Apollo Global, formerly known as Yehey! Corp., engaged in the business of internet-related products. In 2016, it changed it company’s change and primary purpose to that of a holding company.
The company is currently invested in JDVC, which is undertaking a large-scale offshore mining project off the coast of Cagayan in the Cagayan Sea.