Apollo Silver Announces $25 Million Strategic Investment by Eric Sprott and Jupiter Asset Management
Apollo Silver Corp. (TSX-V:APGO) (OTCQB:APGOF) (Frankfurt:6ZF0) is pleased to announce a non-brokered private placement offering of 5,000,000 units of the Company at a price of $5.00 per Unit, for aggregate gross proceeds of $25,000,000, Eric Sprott and a fund managed by Jupiter Asset Management, Apollo Silver’s two largest shareholders are participating in the Offering.
Mr. Sprott and the Jupiter Fund each will subscribe for 2,500,000 Units of the Company, for combined gross proceeds of $25 million. Following completion of the Offering, the Jupiter Fund will own approximately 12.1% of Apollo Silver’s issued and outstanding common shares, while Eric Sprott will own approximately 9.6%, on an undiluted basis. On a partially diluted basis, each investor’s ownership interest will increase accordingly.
Andrew Bowering, Chairman of Apollo Silver commented: “We appreciate the continued support of both Eric Sprott and Jupiter Asset Management, our two largest shareholders. Their participation in this financing further aligns our largest shareholders with Apollo’s long-term strategy as we advance our portfolio and execute on our exploration and development plans.”
Each Unit issued pursuant to the Offering will consist of one common share in the capital of the Company and one-half common Share purchase warrant. Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for 24 months from the closing date of the Offering.
All securities issued in connection with the Offering will be subject to a four-month hold period from the date of closing. Finder’s fees may be payable on some or all of the funds raised, in accordance with the policies of the TSX Venture Exchange. The Company intends on using the net proceeds from the Offering to fund exploration and development activities across the Company’s projects, as well as for general working capital and corporate purposes.
Closing of the Offering is subject to regulatory approval including that of the TSXV.
The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
About Apollo Silver Corp.
Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite credits – a critical mineral essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo is well positioned to advance the assets and deliver value through exploration and development.
