New shares will be priced at 8c each.

The raising comes ahead of assay results being reported from a now completed diamond core drill campaign.

"Results continue to support the potential for a large-scale, shallow, flat-lying, broadly mineralised system with continuity across multiple zones," Apollo said.

Apollo hailed the securing of "strategic support" from North American capital markets firm Sprott.

The fundraising continues a big 18 months for the stock, given its shares were trading at levels around 1c in March 2020.

The stock had declined to those levels after the company ran into a brick wall in July 2019 trying to get a tungsten project in France into development, with the Administrative Court of Toulouse cancelling a required permit.

Apollo subsequently acquired an earn-in deal for Kroussou in September of that year.

Shares in Apollo were up 8% to 9.7c in midday trade, capitalising the company at $37.5 million.