The raising is being priced at 20c per new share, with the stock estimated to have averaged around 17c over the past 12 months.
Apollo started 2019 with $6.36 million cash and is in the midst of a 20,000m drilling campaign at Lake Rebecca.
A maiden resource is being targeted later this year.
Lake Rebecca, which is 60km south east of Saracen's Carosue Dam, has routinely delivered high grade drill intercepts over the past 18 months or so, with the Jennifer lode in particular a strong contributor.
Apollo describes Lake Rebecca as a "live and growing" gold discovery.
Shares in Apollo were down 4% to 22c in morning trade, capitalising the company at $42 million.
Apollo was trading at levels around 13c in mid-2018.