Apollo Gold & Silver (TSXV: APGO) said today that it closed a $52 million financing.
Funds will be used to acquire all outstanding shares of Stronghold Silver. The acquisition was announced in May.
“The Stronghold silver assets represent some of the largest, undeveloped, advanced silver projects in the U.S.,” writes Apollo on its website.
Stronghold’s assets are in Southeast California and Arizona and contain over 100 million ounces of silver in one of three historic resources.
For the financing Apollo Gold & Silver issued a total of 70,533,334 Subscription Receipts for aggregate gross proceeds of $52,900,000.50. Eight Capital, Desjardins Securities Inc. and Cantor Fitzgerald Canada Corporation acted as co-lead agents and joint bookrunners.