Apollo Silver Corp. Boosts Private Placement to $26.78M for Silver Projects
Apollo Silver Corp. has bolstered its non-brokered private placement offering, targeting up to $26.78 million. The enhanced offering comprises 7.44 million units, each priced at $3.60 and consisting of one common share and one warrant exercisable at $5.50 for 24 months.
Certain insiders of the company, classified as a related party transaction under MI 61-101, are participating in the offering. However, the specific insiders involved remain unidentified. Notably, the issuance of securities to these insiders is exempt from formal valuation and minority shareholder approval requirements.
Finder's fees may apply to some or all of the funds raised. The securities issued will be subject to a four-month hold period, with the closing of the offering contingent on final regulatory approval, including that of the TSXV. The warrants are subject to an acceleration provision that could potentially shorten their term under certain conditions.
Apollo Silver Corp. intends to use the net proceeds to advance its Calico Silver Project, support community relations initiatives at the Cinco de Mayo Silver Project, cover property maintenance costs, and for general corporate purposes.
Apollo Silver Corp.'s enhanced offering, if successful, will provide substantial funds for the company's projects and operations. The offering's details, including insider participation and regulatory requirements, have been outlined, with final approvals still pending.
