12:12 PM EDT, 10/03/2024 (MT Newswires) -- Apollo Silver ( APGOF ) said Thursday it is seeking to raise $10 million in a private placement of shares and plans to consolidate its shares following the offering.

The company said it is looking to place up to 50-million shares priced at $0.20 each in the financing.

Proceeds will be used to continue advancing the Calico Silver Project in San Bernardino, Calif., to invest in community relations initiatives at its newly optioned Cinco de Mayo Silver Project in Chihuahua, Mexico, for ongoing property maintenance costs at both projects, and for general corporate purposes.

Apollo said following the close of the placement, it plans to consolidate its shares on a one-for-five basis.

The company's shares were last seen down $0.005 to $0.235 on the TSX Venture Exchange.

Price: 0.24, Change: -0.01, Percent Change: -2.08