Apogee Announces Private Placement Financing And Sale Of La Solucion

Apogee Minerals Ltd. intends to complete a non-brokered private placement financing of units at a price of six cents per unit for gross proceeds in the amount of $300,000. Each unit consists of one common share of the company and one-half of one share purchase warrant, with each warrant entitling the holder thereof to acquire a common share at the exercise price of 10 cents per share for a period of up to 24 months following the closing of the private placement. One strategic investor has agreed to purchase the entire financing.

The corporation intends to use 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. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture Exchange approval.

In addition, the company is pleased to announce that it has divested of its interest in the La Solucion property located in Bolivia. Through the company’s wholly owned subsidiary, Apogee Minerals Bolivia S.A., the company entered into a share purchase agreement whereby all the issued and outstanding shares of Empresa Minera La Solucion Ltd. and its underlying asset the La Solucion mine were sold to a Bolivian purchaser.

David Gower, PGeo, Apogee’s president and chief executive officer, said, “The sale of this project benefits Apogee’s exploration strategy as it enables Apogee to redirect funds and focus on its Pulacayo project.”