Apollo Silver Corp. has closed the first tranche of its non-brokered private placement, raising over $25 million through the issuance of 6,981,707 units at $3.60 per unit. The total offering is $26.77 million, with a final tranche of 455,973 units expected to close soon. The company will use the net proceeds to advance the Calico Silver Project in California and support community initiatives at the Cinco de Mayo Silver Project in Mexico. Insider participation totaled $1.46 million. The securities issued are subject to a four-month hold period and the final approval of the TSXV.

The units issued consist of a common share and a warrant to purchase a share at $5.50. Finders’ fees totaling $826,549 will be paid to various firms involved. The company’s insiders participated in the offering, and the shares are not registered under the U.S. Securities Act. Apollo Silver Corp. is advancing silver projects in the U.S. and Mexico, led by an experienced management team. The company can be contacted for further information.

Read more at GlobeNewswire: Apollo Silver Closes Initial $25 Million Tranche of Private