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Commodities & Metals

Gold Miner Digs for Cash (AGT)

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By Douglas A. McIntyre Updated Published

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Canadian gold miner Apollo Gold Corp. (NYSE: AGT) is negotiating with its lenders for an additional $70 million to complete the company’s Black Fox project in Ontario. The company may make the deal, but it’s a costly one.

Essentially, Apollo will issue warrants for about 37% of the company to its financiers at prices around $0.25/share. The company’s shares closed at $0.34 last Friday.

Black Fox reserves are estimated at 1.33 million ounces of gold and mining at Black Fox is expected to begin in April. The $70 million the company seeks would be disbursed by June and repayments would start in September. The company’s market cap on Friday was about $75 million.

Gold is inching its way back toward $1,000/ounce, and Apollo wants to be in the game. The company recently laid off 82 workers at its Montana Tunnels mine with another 104 employees likely to follow soon. The company failed to get financing to keep the Montana Tunnels mine open. Apollo is trying to do better with Black Fox.

Paul Ausick
February 16, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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