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TORONTO, ONTARIO--(Marketwire - April
30, 2009) -
NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWSWIRE SERVICES
Apogee Minerals Limited ("Apogee" or "the Company")
(TSX VENTURE:APE) announces that it has completed the first tranche of
its previously announced non-brokered private placement financing of
units ("Units") of the Corporation (See Press Release Dated
March 11, 2009) for gross proceeds of $1,309,742, through the issuance
of 21,829,033 Units at a price of $0.06 per Unit (the "Offering Price").
Each Unit consists of one common share of the Company (a "Common
Share") and one-half of one share purchase warrant (each whole
warrant a "Warrant"), with each Warrant entitling the holder
thereof to acquire a Common Share at the exercise price of $0.10 per
share at any time prior to April 30, 2011. The Corporation intends to
use the net proceeds to continue the development of its key projects
and for working capital purposes.
The Common Shares, the Warrants and the shares issuable upon the
exercise of the Warrants, are subject to resale restrictions that
expire on August 31, 2009. The Company has paid Delano Capital Corp, an
Ontario limited market dealer ("Delano"), a
cash commission in the amount of $9,000 and has issued to Delano
150,000 Common Shares as part of a finder's fee payable by the Company
in connection with the private placement financing. In addition, the
Company has paid Pacific Resource Fund ("Pacific Resource") a
cash commission in the amount of $3,600 and has issued Pacific Resource
60,000 Common Shares as part of a finder's fee payable by the Company
in connection with the private placement financing.
Closing of the financing is subject to receipt of regulatory approval,
including final TSX Venture approval. The Company has received
conditional approval for up to $1.8 million and anticipates closing the
second tranche on or before May 17, 2009.
For detailed project information please refer to Apogee's web site at www.apogeeminerals.com.
About Apogee Minerals Limited
Apogee Minerals Ltd. is a Canadian producer of silver-zinc-lead and
also carries out exploration and development activities. The Company is
listed on the TSX Venture Exchange under the symbol APE. Apogee is focused
on advanced silver-zinc-lead projects in South
America that demonstrate the potential to be rapidly
developed to production. Currently all of its projects are located in
the historic silver producing regions of central and southwest Bolivia.
The Company's 100%-owned La Solucion Mine has a 14 year production
history and has a 120 tonne per day flotation mill. The Pulacayo-Paca
project is an option to joint venture with Apex Silver Mines Ltd. The
project occupies the property that includes the second-largest silver
mine in the history of Bolivia with over 600 million ounces of past
production.
Cautionary Note Regarding Forward-Looking Information This press
release contains "forward looking information" within the
meaning of applicable Canadian securities legislation. Forward looking
information includes, but is not limited to, statements with respect to
the future financial or operating performance of the Company, its
subsidiaries and its projects, statements regarding the terms of the
financing and projected use of proceeds, statements regarding
exploration prospects, and requirements for additional capital. Generally,
forward looking information can be identified by the use of
forward-looking terminology such as "plans",
"expects" or "does not expect", "is
expected", "budget", "scheduled",
"estimates", "forecasts", "intends",
"anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state
that certain actions, events or results "may",
"could", "would", "might" or "will
be taken", "occur" or "be achieved". Forward-looking
information is subject to known and unknown risks, uncertainties and
other factors that may cause the actual results, level of activity,
performance or achievements of the Company to be materially different
from those expressed or implied by such forward-looking information,
including but not limited to: financing not being available at desired
prices; general business, economic, competitive, political and social
uncertainties; the actual results of current exploration activities;
timing and availability of external financing on acceptable terms;
conclusions of economic evaluations; changes in project parameters as
plans continue to be refined; future prices of mineral prices; failure
of plant, equipment or processes to operate as anticipated; accidents,
labour disputes and other risks of the mining industry; and, delays in
obtaining governmental approvals or required financing or in the
completion of activities. Although the Company has attempted to
identify important factors that could cause actual results to differ
materially from those contained in forward-looking information, there
may be other factors that cause results not to be as anticipated,
estimated or intended. There can be no assurance that such information
will prove to be accurate, as actual results and future events could
differ materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward looking information.
The Company does not undertake to update any forward-looking
information, except in accordance with applicable securities laws.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER
(AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE)
ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
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