Apollo Gold project finance facility repayments deferred by banks

By Caroline Salls

Pittsburgh, Dec. 30 - Apollo Gold Corp. said Macquarie Bank Ltd. and RMB Australia Holdings Ltd. have agreed to further defer the $9.3 million first repayment and funding obligation on its project finance facility and to defer the $6 million second scheduled repayment due Dec. 31, according to a company news release.

In both cases, the payments will be deferred to the earlier of the completion of the banks' technical review process of the Black Fox mine and Feb. 28.

The first repayment was originally deferred to the earlier of completion of the technical review process or Dec. 31.

According to the release, a review event was triggered on the project finance facility in August as a result of lower than expected gold production at the Black Fox mine.

Denver-based Apollo is a gold exploration company.

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