Apollo Silver completes $26.8 million private placement funding

Apollo Silver Corp. (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) completed a non-brokered private placement offering that raised gross proceeds of $26,775,648 through the issuance of 7,437,680 units at $3.60 per unit.

The company closed the final tranche on October 28, raising $1,641,503 through 455,973 units. The first tranche closed on October 22, generating $25,134,145 in proceeds.

Each unit consists of one common share and one warrant. The warrants allow holders to purchase additional shares at $5.50 each for 24 months from closing. The warrants include an acceleration provision that allows Apollo Silver to accelerate expiry if shares trade at $7.50 or higher for ten consecutive trading days after a four-month period.

Participants in the offering included Eric Sprott, Primevest Capital, Sprott Asset Management, Commodity Capital, and Jupiter Asset Management. Company insiders purchased 405,557 units totaling $1,460,005.

"The funds raised from this financing position the Company well to advance our Calico Silver Project in San Bernardino County, California, and to support ongoing efforts toward securing surface access and advance the Cinco de Mayo Project in Chihuahua, Mexico," said Ross McElroy, President and CEO.

Apollo Silver paid $901,395 in finder's fees to BMO Capital Markets, Canaccord Genuity, Red Cloud Securities Inc., Research Capital Corporation and SCP Resource Finance.

The securities are subject to a four-month hold period. The company plans to use proceeds to advance the Calico Silver Project in California, support community relations at the Cinco de Mayo Silver Project in Mexico, cover property maintenance costs, and for general corporate purposes.

The offering remains subject to final approval from the TSX Venture Exchange.

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