Apollo Gold & Silver Corp. (TSXV: APGO) announced today that they will be conducting a private placement basis for minimum aggregate proceeds of $40.05 million. The financing is in connection with its acquisition of Stronghold Silver.
Under the terms of the financing, subscription receipts are to be sold at a price of $0.75 per receipt. Each receipt shall be automatically exchanged for one unit of the company. Each unit consists of one common share of the company and one-half of one common share purchase warrant. Warrants are valid for a period of two years and contain an exercise price of $1.25 per share.
A 15% over-allotment option has also been granted.
Proceeds from the financing are to be used to acquire the Waterloo Project from Pan American Minerals following the acquisition of Stronghold. Funds are also to be used for working capital and general corporate purposes.
The concurrent financing is set to close on or about June 25, 2021.
Apollo Gold & Silver Corp. last traded at C$0.70 on the TSX Venture.
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