Apollo Global Capital (APL) continued to frustrate its investors who have been waiting since March 2021 for management to finally start its offshore mining operations.
APL reported that it spent P9 million from its follow on offering funds in the fourth quarter of 2021, the bulk of which was spent for a P5.7 million emergency and utility speedboat.
APL still has P150.183 million left from the P988 million it raised from the FOO in September 2021.
APL closed at 7.5 centavos on January 26, six percent down from its FOO price of eight centavos.
APL has so far spent P815 million from the FOO funds with P712 million used to purchase 49 percent of the Poet Blue Ocean Offshore Services Pte. Ltd (PBO) which owns MB Siphon 1, the first of several ships it planned to deploy for the deep sea mining and processing of magnetite ore.