Finance news

Apollo Gold Corp. raised $20,401,375 as it completed its previously announced offering of units, the company reported Thursday.

Denver-based Apollo Gold (AMEX: AGT) sold 40,806,500 units, with each one representing one share of stock plus one-half of one common share purchase warrant, for 49.5 cents each (50 cents Canadian).

The company will use the proceeds to fund its proposed acquisition of the St. Andrew Goldfields mill complex in Timmins, Ontario, the development of the Black Fox project, and for working capital and general corporate purposes payday advance.

Apollo is a gold mining and exploration company.