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.