Apogee Increases Size of Private Placement Financing
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For Immediate Release
Toronto, Ontario – November 11, 2010 – Apogee Minerals Limited (“Apogee” or “the Company”) (TSX Venture Exchange: APE) is pleased to announce that due to investor demand it intends to increase the size of its previously announced brokered private placement financing to $6,500,000 (See Press Release dated November 4, 2010). The Company intends to complete a brokered private placement financing of units (“Units”) whereby PowerOne Capital Markets Limited and Delano Capital Corp. will act as exclusive agents (the “Agents”) for the sale of up to 36,111,112 Units at a price of $0.18 per Unit for gross proceeds in the amount of $6,500,000 (the “Offering”). Each Unit consists of one common share of the Company (a “Common Share”) and one common share purchase warrant (a “Warrant”). Each Warrant will entitle the holder thereof to acquire a Common Share at the exercise price of $0.25 per share for a period of up to 24 months following the closing of the Offering.
As consideration to the Agents, the Company has agreed to pay the Agents a cash commission in an amount equal to 7% of the gross proceeds raised in the Offering and shall issue the Agents compensation options to acquire that number of Units which equals 7% of the Units sold pursuant to the Offering (the “Compensation Options”). Each Compensation Option shall be exercisable at a price of $0.18 and shall consist of one Common Share of the Company (a “Compensation Share”) and one warrant entitling the Agents to acquire a Common Share at an exercise price of $0.25 for a period of up to 24 months from the date of issue (a “Compensation Warrant”).
The Company intends to use net proceeds to continue the development of its key projects and for working capital purposes.
The Common Shares, the Warrants, the Compensation Options and the shares issuable upon the exercise of the Warrants, the Compensation Options and the Compensation Warrants, are subject to resale restrictions. Closing of the financing is subject to receipt of regulatory approval, including final TSX Venture approval.
For more detailed project information please refer to Apogee’s web site at www.apogeesilver.com.
About Apogee Minerals Limited
Apogee Minerals Ltd. is an exploration stage company listed on the TSX Venture Exchange under the symbol APE. Apogee targets advanced stage silverzinclead projects in South America that demonstrate potential to be accelerated to production. Currently its projects are located in the historic silver producing regions of southwest Bolivia and northern Chile
Its most advanced project is the PulacayoPaca project in Bolivia, which is an option to joint venture with Golden Minerals Company. This project includes the property that covered the secondlargest silver mine in the history of Bolivia with over 600 million ounces of past production.
For Further Information Contact:
Chris Collins, President phone (1) 416 8612264
Ana Lopes, Investor Relations phone: (1) 416 8615902
Email: info@apogeesilver.com
Web: www.apogeesilver.com
Cautionary Note Regarding ForwardLooking 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 uncertain ties; 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.
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