Apogee Silver Ltd. (TSXV:APE) announced the closing of a private placement offering of 70,370,000 Units at a price of $0.05 per Unit, for aggregate gross proceeds of $3,518,500.

As quoted in the press release:

Each Unit consists of one common share of the Company (a “Common Share”) and 0.6 of a purchase warrant, with each whole Warrant entitling the holder thereof to purchase one Common Share at an exercise price of $0.10 per share for a period of 36 months following the closing of the Offering.

Apogee Silver Chief Executive Officer Neil Ringdahl said:

Apogee is pleased to complete this successful private placement in very difficult market conditions. We believe this reflects the quality of the resource assets and near-term production potential of our Pulacayo project. Subsequent to our successful trial mining and toll milling (processing) operations (see press releases dated January 15, 2013 & March 1, 2013), we believe we are well positioned to increase production to over 2,500 tonnes per month using a newly trained mining team sourced from local communities. Our mining and processing activities will continue to be conducted under the Company’s mining environmental license with full community support.

Click here to read the Apogee Silver Ltd. (TSXV:APE) press release

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