VANCOUVER, BC -- (MARKET WIRE) -- 06/28/05 -- Apolo Gold & Energy Inc. (OTC BB: APLL) advises that it has completed negotiations and executed an Investment Agreement with Dutchess Private Equities Fund, II, L.P. for up to $10,000,000 in equity financing. This financing can be drawn over a 3-year period and is subject only to the filing of a registration statement with the Securities and Exchange Commission and having the registration statement declared effective. The Company is currently preparing the registration statement and expects to file within the next 10 days.
During the thirty-six month period, Apolo may request a drawdown by selling shares of its common stock to Dutchess Private Equities Fund, II L.P. and Dutchess will be obligated to purchase such shares, as outlined specifically in the Agreement.
The Company feels that the access to capital in a controlled, efficient and least costly manner is necessary as it continues its development of the NUP project in Sumatra and its pursuit of oil and gas opportunities throughout North America and elsewhere. The agreement with Dutchess Private Equities Fund, II, L.P. will allow the company to pursue oil and gas opportunities with the knowledge that financing is available.
Work continues with the underground drifting on Vein #1. There has been 265 feet of crosscutting and drifting completed to date with approximately 35 feet of additional crosscutting to be completed before intercepting the area below shaft #4, where two diamond drill holes in 2003 intercepted 2 metres of 64.6 grams gold per tonne and 1,350 grams silver, and 2 metres of 29.6 grams gold and 651 grams silver per tonne.
The Company intends to undertake a 3,000 metre drilling program later this year on the Camp Zone in order to further define the zone at depth. The new drill holes will be drilled to intercept the mineralized zone to a further depth of at least 500 feet below the surface.
The Company also confirms that it completed the moving of its offices to #1209 - 409 Granville St Vancouver BC Canada V6C 1T2. The phone number remains the same, 604-687-4150 and the fax number is 604-687-4155.
APOLO GOLD & ENERGY INC For further information, please contact: Brant W. Little B.B.A. brantlittle@yahoo.ca
Advisor to the Board Tel 604-687-4150 Fax 604-687-4155 Website www.apologold.com
Safe Harbor Statement
All statements contained herein, as well as oral statements that may be made by the company or by officers, directors or employees of the company acting on the company's behalf, that are not statements of historical fact, constitute "forward-looking statements" and are made pursuant to the Safe-Harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause the actual results of the company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties are outlined in the company's Annual Report on Form 10-K for 2003 as filed with the Securities and Exchange Commission. The company is not obligated to revise or update any forward-looking statements in order to reflect events or circumstances that may arise after the date of this release.
Distributed by Filing Services Canada and retransmitted by Market Wire
APOLO GOLD & ENERGY INC For further information, please contact: Brant W. Little B.B.A. Email Contact
Advisor to the Board Tel 604-687-4150 Fax 604-687-4155 Website www.apologold.com
-------------------- Do Da Due......But Be Damn Quick About It!!!!! Posts: 1656 | Registered: Sep 2004
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