Apollo Silver Corp. (TSX-V:APGO) (OTCQB:APGOF) (Frankfurt:6ZF0) is pleased to announce the Company has closed the first tranche, representing the majority of its previously announced upsized non-brokered private placement, raising gross proceeds of $25,134,145 through the issuance of 6,981,707 units of the Company at a price of $3.60 per Unit. The Upsized Offering totals $26,775,648, with the final tranche of 455,973 Units for gross proceeds of $1,641,503 expected to close in the coming days.

Each Unit issued pursuant to the Upsized Offering consists 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 $5.50 for 24 months from the closing date of the Offering. The Warrants will be subject to an acceleration provision, such that if at any time after the date that is four months and one day after the closing, the Company’s Shares trade on the TSX Venture Exchange (the “TSXV”) at a closing price of $7.50 or greater per Share for a period of ten (10) consecutive trading days, the Company may accelerate the expiry of the Warrants by giving notice to the holders thereof and, in such case, the Warrant will expire on the thirtieth (30th) day after the date of such notice

In connection with subscriptions received in the first tranche of the Upsized Offering, the Company will pay aggregate finder’s fees totaling $826,549, payable in cash and/or Units to BMO Capital Markets, Canaccord Genuity, Red Cloud Securities Inc., Research Capital Corporation and SCP Resource Finance.

The securities issued under the Upsized Offering are subject to a four-month hold period from the date of closing. The Company intends to use the net proceeds from the Upsized Offering to continue advancing the Calico Silver Project in San Bernardino, California; support community relations initiatives at the Cinco de Mayo Silver Project in Chihuahua, Mexico; cover ongoing property maintenance costs at both projects; and for general corporate purposes. The Upsized Offering remains subject to the final approval of the TSXV.

The Offering included participation by certain insiders of the Company for an aggregate of 405,557 units totaling gross proceeds of $1,460,005.20. Such participation constitutes a “related party transaction” under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The issuance of securities to insiders is 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 does 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 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 and zinc credits – recognized as critical minerals 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 is well positioned to advance the assets and deliver value through exploration and development.