Apollo Global Capital (APL) revealed that it has only P159 million left from the P988 million it raised from its follow-on offering (FOO) three months ago.
But APL has yet to deliver on its much-delayed commitment to start extracting magnetite ore off the coast of Gonzaga town in Cagayan province.
In a disclosure, APL said it spent a total of P828.9 million from its FOO funds as of September, with the bulk or P712 million used to buy 49 percent of Poet Blue Ocean Offshore Services Pte. Ltd (PBO) which owns MB Siphon 1, the first ship it planned to deploy for the deep sea mining and processing of magnetite ore..
The company, however, was silent on when it plans to deliver on its promise to start its operations within the year.
In December 2020, APL announced that its subsidiary, JDVC Resources, said January 2021 was the perfect time to start mining “with the close of the typhoon season, the ocean swell in the waters around northern Luzon starts to calm down.”
APL later revealed that it would start mining in February with the arrival of its deep-sea mining vessel in Cagayan and three more vessels were expected to arrive soon after.
With only one month left before the end of 2021 and APL has yet to walk the talk. Its stock has cratered 87 percent to 7.8 centavos from its all-time high of 47.5 centavos in January this year