Apollo Silver Closes Initial $25 Million Tranche of Private Placement Offering

Executive Summary

• Apollo Silver Corp. closed the first tranche of its upsized private placement, raising $25,134,145 from the issuance of 6,981,707 units at $3.60 per unit.
• The total offering size is now $26,775,648, with a final tranche of 455,973 units (~$1.64 M) expected to close shortly.
• Proceeds will be used to advance the Calico Silver Project (CA), support community relations at Cinco de Mayo (MX), cover property maintenance, and for general corporate purposes.

Key Details

• Units Issued – First Tranche: 6,981,707 units @ $3.60 each → $25,134,145 gross proceeds.
• Final Tranche Expected: 455,973 units @ $3.60 each → $1,641,503 gross proceeds; closing in the coming days.
• Unit Composition: Each unit = 1 common share + 1 common‑share purchase warrant.
• Warrant Terms: Exercise price $5.50 per share; exercisable for 24 months from closing. Acceleration provision allows expiry on day 30 after notice if TSXV price ≥ $7.50 for ten consecutive trading days, beginning four months and one day post‑closing.
• Finder’s Fees: Aggregate $826,549 payable in cash and/or units to BMO Capital Markets, Canaccord Genuity, Red Cloud Securities Inc., Research Capital Corporation, and SCP Resource Finance.
• Hold Period: All securities subject to a four‑month hold period from the closing date.
• Use of Proceeds:
• Advance Calico Silver Project (San Bernardino, CA)
• Support community relations at Cinco de Mayo Silver Project (Chihuahua, MX)
• Cover ongoing property maintenance costs for both projects
• General corporate purposes
• Insider Participation: Insiders purchased 405,557 units → $1,460,005.20 gross proceeds; treated as a related‑party transaction under MI 61‑101 with applicable exemptions.
• Regulatory Notes: Offering remains subject to final TSXV approval; securities not registered in the U.S. and may not be offered there without registration or exemption.

Notable Quotes

“The successful closing of the first tranche of our upsized offering provides us with the capital needed to continue advancing our flagship Calico project and support our growth initiatives across North America.” – Ross McElroy, President & CEO

All forward‑looking statements are subject to risks and uncertainties detailed in the release.