VANCOUVER, British Columbia, Oct. 03, 2024 (GLOBE NEWSWIRE) -- Apollo Silver Corp. ("Apollo Silver" or the "Company") ((TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0)) is pleased to announce a non-brokered private placement offering of up to 50,000,000 shares of the Company (the "Shares") at a price of $0.20 per Share, for aggregate gross proceeds of up to $10,000,000 (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 any or all of the funds in accordance with the policies of the TSX Venture Exchange (the "TSX-V"). The Company intends on using the net proceeds from the Offering to continue advancing the Calico Silver Project in San Bernardino, California, to invest in community relations initiatives at its newly optioned Cinco de Mayo Silver Project in Chihuahua, Mexico (see news release dated September 23, 2024), for ongoing property maintenance costs at both projects, and for general corporate purposes.
Closing of the Offering is subject to regulatory approval including that of the TSX-V.
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.
Share Consolidation
Following closing of the Offering, the Company intends to consolidate (the "Consolidation") its issued and outstanding Shares at a ratio of five (5) pre-Consolidation Shares to one (1) post-Consolidation Share.
Prior to the Consolidation, and assuming completion of the Offering, the Company is expected to have 224,693,729 Shares issued and outstanding. Following the Consolidation, the Company will have approximately 44,938,746 Shares issued and outstanding.
No fractional Shares will be issued under the Consolidation. The holdings of any shareholder who would otherwise be entitled to receive a fractional Share as a result of the Consolidation shall be rounded to the nearest whole number and no cash consideration will be paid in respect of fractional Shares. The Consolidation will not affect any shareholder's percentage ownership in the Company other than by the minimal effect of the aforementioned elimination of fractional Shares, even though such ownership will be represented by a smaller number of Shares. Instead, the Consolidation will reduce proportionately the number of Shares held by all shareholders.
A letter of transmittal will be mailed ...
