Apollo Silver Corp. Achieves Significant Funding Milestone
Apollo Silver Corp. is thrilled to announce the successful closing of its fully subscribed non-brokered private placement, securing a substantial $13.5 million in gross proceeds. The Company issued 67,500,000 common shares at a price of C$0.20 each through this strategic financing.
Participation from a Notable Investor
Renowned investor Mr. Eric Sprott has been a significant participant in this offering, contributing $2,000,000. Andrew Bowering, the Interim President and CEO, welcomed Mr. Sprott to the Company’s esteemed list of shareholders, expressing optimism about the firm’s financial stability and growth potential. With this funding, Apollo Silver Corp. is poised to enhance value for all shareholders long-term.
Strategic Use of Proceeds
The funds from the offering will be allocated towards several crucial areas. Firstly, a major portion will be directed towards advancing the Calico Silver Project, located in a prime silver-producing region. Additionally, the finance will assist in community relations initiatives at the newly optioned Cinco de Mayo Silver Project and cover ongoing maintenance costs for both projects.
Paid Finder’s Fees and Regulatory Compliance
As part of the financing, Apollo Silver Corp. will disburse a total of $334,000 in cash finder’s fees to eligible parties who assisted in the placement process. The shares issued are subject to a customary hold period of four months plus one day, ensuring compliance with Canadian securities laws. This offering is also pending final approval from the TSX Venture Exchange (TSX-V: APGO).
Related Party Transactions and Exemptions
Andrew Bowering, who also serves as Chairman and Interim CEO, participated with an investment of $500,000 in this placement. This transaction is categorized as a related party transaction, adhering to the stipulations of Multilateral Instrument 61-101 to protect minority security holders. Exemptions were applied, aligning with the Company’s market capitalization regulations.
A Look at Apollo Silver
Apollo Silver Corp. has assembled an adept leadership team, committed to advancing world-class silver projects. Their work focuses on developing projects situated in favorable jurisdictions, with ongoing efforts on the Calico Project in California and projects in Mexico.
Commitment to Sustainability and Community Engagement
Investments from the recent financing are more than just financial moves; they represent Apollo Silver's commitment to building sustainable relationships with local communities. The focus on community initiatives, particularly at the Cinco de Mayo Silver Project, is pivotal as it lays the groundwork for mutually beneficial interactions, promoting both environmental stewardship and social responsibility.
Projects Highlight
The Calico Silver Project is recognized for its promising resources, and with additional funding, the Company aims to expedite exploration and resource development efforts. The Cinco de Mayo Project is also on the verge of significant advancements, aiming to meet rising silver demand in the global market.
Frequently Asked Questions
What is the total amount raised in the private placement?
The private placement successfully raised $13.5 million through the issuance of 67,500,000 common shares.
Who were the primary investors in this placement?
Notable participation came from Mr. Eric Sprott, who contributed $2,000,000, alongside investments from other key stakeholders.
How will the raised funds be utilized?
The proceeds will advance the Calico Silver Project, support community engagement initiatives, maintain property, and cover general corporate purposes.
What are the implications of the related party transactions?
The transaction involving Andrew Bowering falls under related party transactions but complies with relevant regulations to protect minority shareholders.
Where can I find more information about Apollo Silver Corp.?
For further details on the Company and its projects, you can visit www.apollosilver.com.
