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Apollo Gold & Silver Announces Upsize to Previously Announced Financing and Provides Update on the Stronghold Silver Transaction
VANCOUVER, British Columbia, June 17, 2021 (GLOBE NEWSWIRE) -- Apollo Gold & Silver Corp. (“Apollo” or the “Company”) (TSXV: APGO) is pleased to announce that i
About this update from Apollo Silver Corp
[{"type":"text","content":" VANCOUVER, British Columbia, June 17, 2021 (GLOBE NEWSWIRE) -- Apollo Gold & Silver Corp. (“Apollo” or the “Company”) (TSXV: APGO) is pleased to announce that it has agreed to increase the size of its previously announced financing to a minimum of $46,000,000.50 (the “Upsized Offering”). The Company will sell, on a private placement basis, not less than 61,333,334 at a price of $0.75 per Subscription Receipt (the “Issue Price”), for minimum aggregate gross proceeds of $46,000,000.50. The Upsized Offering is being led by Eight Capital, Desjardins Securities Inc. and Cantor Fitzgerald Canada Corporation, as co-lead agents and joint bookrunners (collectively, the “Agents”). Upon satisfaction of certain escrow release conditions, each Subscription Receipt shall be automatically exchanged, without any further action by the holder of such Subscription Receipt (and for no additional consideration), for one unit of the Company (a “Unit”). Each Unit shall consist of one common share of the Company and one-half of one common share purchase warrant (each full warrant, a “Warrant”). Each Warrant will entitle the holder thereof to acquire one common share of the Company (each, a “Warrant Share”) at a price of $1.25 per Warrant Share for period of 24 months from the date of issuance. The Company has granted the Agents an option (the “Option”) to offer for sale up to an additional 15% of the number of Subscription Receipts sold pursuant to the Concurrent Financing, at the Issue Price, exercisable in whole or in part for a period of up to 48 hours prior to the closing of the Upsized Offering. If the Option is exercised, a maximum of 70,533,334 Subscription Receipts will be issued and the gross proceeds of the Upsized Financing will be $52,900,000.50. The Company will use the proceeds from the Upsized Financing to fund the acquisition of all of the issued and outstanding shares of Stronghold Silver Corp. (“Stronghold”) in accordance with the terms and conditions of the amalgamation agreement dated May 12, 2021 between the Company and Stronghold (the “Transaction”). If the Option is not exercised by the Agents, the net proceeds of the Upsized Offering, together with the Company’s existing treasury of $5,000,000, will be used as follows: 1) $27M payable to Pan American Minerals Inc (a wholly owned subsidiary of Pan American Silver Corp) (“Pan...