Apollo Minerals (ASX:AON) raised roughly AU$1.3 million following the completion of its entitlement offer, according to an Australian bourse filing Tuesday.

The mineral explorer received applications for nearly 89.1 million shares at an issue price of AU$0.014 each under the entitlement and shortfall offers.

Apollo Minerals' directors reserve the right to issue the remaining shortfall of over 143 million shares equivalent to AU$2 million within three months, the filing stated.

The company's shares climbed nearly 17% in recent Thursday trade.