Apollo Silver Raises $27.5 Million as Jupiter Asset Management Boosts Stake

Apollo Gold ( (TSE:APGO) ) just unveiled an update.

Apollo Silver Corp. has closed the second and final tranche of its upsized non-brokered private placement, raising $12.5 million from a fund managed by Jupiter Asset Management and bringing total gross proceeds of the offering to $27.5 million. The investment increases Jupiter Fund’s stake to about 11.9% of Apollo Silver’s outstanding shares on a non-diluted basis, or 16.9% on a partially diluted basis assuming exercise of warrants, underscoring institutional confidence in the company’s silver assets in the U.S. and Mexico; Apollo plans to use the proceeds to advance its flagship Calico Silver Project in California, support community relations at the Cinco de Mayo project in Mexico, fund property maintenance, and for general corporate purposes, with the financing still subject to final TSX Venture Exchange acceptance.

The most recent analyst rating on (TSE:APGO) stock is a Hold with a C$5.50 price target. To see the full list of analyst forecasts on Apollo Gold stock, see the TSE:APGO Stock Forecast page.

Spark’s Take on TSE:APGO Stock

According to Spark, TipRanks’ AI Analyst, TSE:APGO is a Neutral.

The score is held back primarily by weak financial performance (pre-revenue, persistent losses, and negative cash flow). This is partly offset by strong technical momentum (price above key moving averages with positive MACD) and supportive corporate developments (financing and project/resource progress), while valuation remains constrained by a negative P/E and no dividend.

To see Spark’s full report on TSE:APGO stock, click here.

More about Apollo Gold

Apollo Silver Corp. is a precious metals developer focused on advancing one of the largest undeveloped primary silver projects in the United States through its Calico Silver Project in San Bernardino, California, a bulk-mineable silver deposit with barite and zinc credits considered critical to the U.S. energy and medical sectors. The company also holds an option on the Cinco de Mayo Silver Project in Chihuahua, Mexico, a high-grade, large-tonnage carbonate replacement deposit, and is led by an experienced management team aiming to create value through exploration and development in stable jurisdictions.

Average Trading Volume: 236,253

Technical Sentiment Signal: Buy

Current Market Cap: C$369.5M

For detailed information about APGO stock, go to TipRanks’ Stock Analysis page.