Apollo Applies to Amend Warrant Terms

VANCOUVER, British Columbia, May 23, 2023 (GLOBE NEWSWIRE) -- Apollo Silver Corp. (“Apollo” or the “Company”) (TSX.V:APGO, OTCQB:APGOF, Frankfurt:6ZF0) announces it has applied to the TSX Venture Exchange (“TSXV”) to reprice and the extend the expiry date of 35,266,667 common share purchase warrants (the “Warrants”) issued to subscribers under the Company’s private placement that closed on July 6, 2021. The Company proposes to extend the Warrant expiry date from July 8, 2023, to July 8, 2026, and reprice the Warrant exercise price for the third, fourth and fifth year of the amended Warrant term at $0.79 (the “Amended Terms”). All other terms of the Warrants will remain unchanged. The Amended Terms are subject to acceptance by the TSXV and approval of the Warrant holders by extraordinary resolution, as detailed below.

The Warrants are subject to a Warrant Indenture dated July 6, 2021 (the “Warrant Indenture”), between the Company and Endeavor Trust Corporation (the “Warrant Agent”). Pursuant to the Warrant Indenture, Warrant holders may by extraordinary resolution agree to amend the terms of the Warrants. An extraordinary resolution means a resolution proposed at a meeting of Warrant holders duly convened for that purpose at which there is at least two Warrant holders present in person or by proxy representing at least 25% of the aggregate number of the outstanding Warrants, and passed by affirmative votes of Warrant holders representing not less than 66^2/3% of the aggregate number of all the then-outstanding Warrants represented at the meeting and voted on the poll for such resolution. The Company has requested the Warrant Agent to convene a meeting of the Warrant holders to vote on an extraordinary resolution approving the Amended Terms.

Please visit www.apollosilver.com for further information.

ON BEHALF OF THE BOARD OF DIRECTORS

Tom Peregoodoff
Chief Executive Officer

For further information, please contact:

Tom Peregoodoff
Chief Executive Officer
Telephone: [phone]
[e-mail]

About Apollo Silver Corp.

Apollo Silver Corp. has assembled an experienced and technically strong leadership team who have joined to advance world class precious metals projects in tier-one jurisdictions. The Company is focused on advancing its portfolio of two significant silver exploration and resource development projects, the Calico Silver Project, in San Bernardino County, California and Silver District Project in La Paz County, Arizona.