St Andrew sells Stock Mill Complex for $20.13 million to Apollo Gold

Mon Jul 28, 11:46 PM
The Canadian Press

By The Canadian Press

OAKVILLE, Ont. - St Andrew Goldfields Ltd. (TSX: SAS.TO) has sold its Stock Mill complex, including its mill and related equipment, infrastructures, laboratories and tailing facilities, to Apollo Gold Corp. (TSX: APG.TO) for $20.13 million.

Proceeds from the sale of the Stock Mill complex will be used to repay debt, reduce trade payables and for working capital purposes.

The company said it had earlier received $5.5 million from Apollo and the balance was paid Monday on closing.

Last week, St Andrew invested $1.2 million in a unit offering by Apollo for 2.4 million units. Each unit includes one share and half a share purchase warrant of Apollo exercisable for 36 months at 65 cents per share.

St Andrew owns a 15.2 per cent stake in Apollo.