Apollo Silver completes $27.5 million private placement with Jupiter investment

Apollo Silver Corp. (TSX.V: APGO, OTCQB: APGOF, Frankfurt: 6ZF0) completed the second and final tranche of its private placement offering, raising $12.5 million from Jupiter Asset Management. The completion brings total gross proceeds from the offering to $27.5 million.

The company issued 2.5 million units at $5.00 per unit in the final tranche. Each unit consists of one common share and one warrant exercisable at $7.00 for 24 months from closing.

Jupiter Asset Management's fund now owns 7,452,456 common shares and 3,807,200 warrants, representing approximately 11.9% of outstanding shares on a non-diluted basis and 16.9% on a partially diluted basis assuming warrant exercise.

"We welcome and appreciate the continued participation of Jupiter Fund, as a key shareholder of Apollo Silver," said Ross McElroy, President and CEO. "Jupiter Fund's commitment is a strong statement of support as we continue to advance our large scale, high quality silver assets in stable jurisdictions."

Apollo Silver paid $312,500 in finder's fees to BMO Capital Markets for the final tranche. The securities are subject to a four-month hold period and the offering requires final acceptance from the TSX Venture Exchange.

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.

Apollo Silver develops silver projects in the United States and Mexico, including the Calico project in California and the Cinco de Mayo project in Chihuahua, Mexico.

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