Apogee Announces Financing Transaction With Global Resources Investments Ltd.

TORONTO, ONTARIO--(Marketwired - Feb. 10, 2014) - Apogee Silver Ltd. ("Apogee" or the "Company") (TSX VENTURE:APE) is pleased to announce that it has entered into a share exchange agreement with Global Resources Investments Ltd. ("GRIL"), an arm's length party to the Company. Currently, GRIL is conditionally approved for listing on the London Stock Exchange ("LSE") and upon listing it will become re-registered as a public company and constituted as a UK Investment Trust under the name Global Resources Investment Trust Plc ("GRIT").

Pursuant to the terms of the agreement, upon the successful listing of the GRIT shares on the LSE, the Company will issue an aggregate of 73,000,000 units at a price of CDN$0.05 (approx. £1,977,462) per unit (a "Unit") and in consideration shall acquire 1,977,462 common shares of GRIT at £1.0 per share (the "GRIT Shares") at a deemed value of £1,977,462 (approx. CDN $3,650,000). Each Unit will consist of one common share of Apogee (a "Common Share") and one common share purchase warrant entitling the holder thereof to acquire a Common Share at a price of $0.05 for a period of 60 months (a "Warrant"). Upon completion of GRIT's going public transaction, Apogee may sell all or a portion of its GRIT Shares through the facilities of the LSE in order to realize the private placement proceeds.

GRIL has been established to exploit investment opportunities in the junior mining and natural resources sector worldwide, with an investment objective to generate mediumand long term capital growth.

Neil Ringdahl, President and CEO commented, "We are extremely pleased to be entering into this transaction with GRIL. GRIL has an extensive track record of successfully identifying excellent projects within the global natural resources sector and we welcome their expertise and involvement in the Company going forward."

Closing of the transaction is subject to a number of conditions precedent, including approval of the TSX Venture Exchange, and GRIT successfully listing on the LSE. The Common Shares, Warrants and the shares underlying the Warrants shall be subject to a four month and one day statutory hold period.

Upon completion of the private placement, Apogee will have 450,816,059 Common Shares issued and outstanding and GRIT will hold approximately 16% of the Company on a non-diluted basis. Assuming the full exercise of the Warrants, GRIT would hold approximately 27.8% of the Company. Accordingly, GRIT has agreed that it shall not exercise any portion of the Warrants which would result in GRIT holding greater than 19.9% of the Company on a partially diluted basis.