12:25 PM EST, 12/02/2024 (MT Newswires) -- Apollo Silver ( APGOF ) on Monday provided a corporate update, including the optioning of the high-grade Cinco de Mayo Silver Project in Mexico after last month securing financing for the company's silver projects.

The company is readying to start a maiden barite resource estimate and gold exploration program at its Calico Silver Project in California in 2025. It also noted it raised $13.5 million in a November private placement to fund the resource estimate and its exploration efforts.

"We have successfully entered into an option agreement to acquire the Cinco de Mayo Project, mitigating single asset risk," said interim chief executive Andrew Bowering. "Furthermore, we completed a financing that significantly strengthens our treasury, allowing us to continue to build long term shareholder value across our portfolio of North American silver projects."

The company's shares were last seen down $0.01 to $0.22 on the TSX Venture Exchange.

Price: 0.22, Change: -0.01, Percent Change: -4.35