Apollo Silver Corp. (TSX-V:APGO) (OTCQB:APGOF) (Frankfurt:6ZF) is pleased to announce that it has upsized its previously announced non-brokered private placement by an additional $2,500,000, to be subscribed for primarily by insiders of the Company, for total aggregate gross proceeds of up to $27,500,000, through the issuance of up to 5,500,000 units at a price of $5.00 per Unit.

As previously announced, Mr. Eric Sprott and a fund managed by Jupiter Asset Management, Apollo Silver’s two largest shareholders, are participating in the Upsized Offering, and will each subscribe for 2,500,000 Units of the Company, for combined gross proceeds of $25,000,000. Following completion of the Upsized Offering, the Jupiter Fund will own approximately 12% of Apollo Silver’s issued and outstanding common shares, while Eric Sprott will own approximately 9.5%, on an undiluted basis. On a partially diluted basis, each investor’s ownership interest will increase accordingly.

Each Unit issued pursuant to the Upsized Offering will consist of one common share in the capital of the Company and one common Share purchase warrant. Each Warrant entitles the holder thereof to purchase one Share at an exercise price of $7.00 for 24 months from the closing date of the Upsized Offering.

All securities issued in connection with the Upsized Offering will be subject to a four-month hold period from the date of closing. Finder’s fees may be payable on some or all of the funds raised, in accordance with the policies of the TSX Venture Exchange. The Company intends to use the net proceeds from the Upsized Offering to fund exploration and development activities across the Company’s projects, as well as for general working capital and corporate purposes.

Closing of the Upsized Offering is subject to regulatory approval, including that of the TSXV.

The Upsized Offering is expected to include participation by certain insiders of the Company for an aggregate amount of up to $2,500,000. Such participation constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The issuance of securities to insiders will be exempt from the valuation requirement pursuant to section 5.5(b) of MI 61-101, as the Company’s shares are not listed on a specified market, and from the minority shareholder approval requirement pursuant to section 5.7(a) of MI 61-101, as the fair market value of the securities issued to related parties will not exceed twenty-five percent of the Company’s market capitalization.

The Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any U.S. state securities laws, and may not be offered or sold in the United States without registration under the U.S. Securities Act and all applicable state securities laws or compliance with the requirements of an applicable exemption therefrom. This news release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About Apollo Silver Corp.

Apollo Silver is advancing one of the largest undeveloped primary silver projects in the US. The Calico project hosts a large, bulk minable silver deposit with significant barite credits – a critical mineral essential to the US energy and medical sectors. The Company also holds an option on the Cinco de Mayo Project in Chihuahua, Mexico, which is host to a major carbonate replacement (CRD) deposit that is both high-grade and large tonnage. Led by an experienced and award-winning management team, Apollo Silver is well positioned to advance the assets and deliver value through exploration and development.