Core Viewpoint - Apollo Silver Corp. has successfully closed the first tranche of its upsized non-brokered private placement, raising gross proceeds of $25,134,145 through the issuance of 6,981,707 units at a price of $3.60 per unit, with a total offering amount of $26,775,648 expected to be completed shortly [1][3]. Group 1: Offering Details - The first tranche consists of 6,981,707 units, with each unit comprising one common share and one common share purchase warrant, exercisable at $5.50 for 24 months [2]. - The offering includes an acceleration provision for the warrants, allowing the company to expedite their expiry if the share price exceeds $7.50 for ten consecutive trading days [2]. - The company will pay finder's fees totaling $826,549 in connection with the first tranche, payable in cash and/or units to various financial institutions [2]. Group 2: Use of Proceeds - The net proceeds from the offering will be utilized to advance the Calico Silver Project in California, support community relations at the Cinco de Mayo Silver Project in Mexico, cover ongoing property maintenance costs, and for general corporate purposes [3]. Group 3: Insider Participation - Certain insiders participated in the offering, acquiring a total of 405,557 units for gross proceeds of $1,460,005.20, which is classified as a related party transaction [4]. Group 4: Company Overview - Apollo Silver Corp. is advancing one of the largest undeveloped primary silver projects in the U.S., the Calico project, which hosts a significant silver deposit along with barite and zinc credits [6]. - The company also holds an option on the Cinco de Mayo Project in Mexico, known for its high-grade carbonate replacement deposit [6].
Apollo Silver Closes Initial $25 Million Tranche of Private Placement Offering
Globenewswireยท2025-10-23 01:01