| Apex Silver Mines Limited | |||
| Ticker: | SIL | Caledonian Houses, Ground Floor Mary Street | |
| Exchange: | New York Stock Exchange | George Town, CAYMA | |
| Industry: | Natural Resources (SIC Code 1044) | 3459490050 | |
| # of Employees: | 33 | ||
| Type of Shares: | Ordinary Shares | Filing Date: | 8/29/97 | |
| U.S. Shares: | 5,000,000 | Offer Date: | 11/24/97 | |
| Non-U.S. Shares: | 0 | Filing Range: | $13.00 - $15.00 | |
| Primary Shares: | 5,000,000 | Offer Price: | $11.00 | |
| Secondary Shares: | 0 | Gross Spread: | $0.77 | |
| Offering Amount: | $70,000,000 | Selling: | $0.45 | |
| Expenses: | - | Reallowance: | $0.10 | |
| Shares Out After: | 18,601,554 |
| Manager | Tier | Phone |
| Salomon Brothers Inc. | Lead Manager | (212) 783-2947 |
| PaineWebber Incorporated | Co-manager | (212) 713-2626 |
| Scotia Mcleod Securities | Co-manager | (416) 863-7411 |
| Issuer's Law Firm: | Akin, Gump, Strauss, Hauer & Feld |
| Bank's Law Firm: | Winstead Sechrest & Minick |
| Auditor: | Price Waterhouse |
Dollar amounts in U.S. millions except for per share data | |||||
| 6 Month Ending Financials | |||||
| Full Year Audited Income | Latest Unaudited Income | Prior Unaudited Income | Balance Sheet | ||
| 12/31/96 | 6/30/97 | 6/30/96 | 6/30/97 | ||
| Revenue: | $0.57 | $0.48 | $0.07 | Assets: | $14.29 |
| Net Income: | -$11.72 | -$11.18 | -$3.32 | Curr Assets: | $13.59 |
| EPS: | -$1.11 | -$0.85 | -$0.38 | Liabilities: | $0.99 |
| Prior EPS: | -$0.21 | -$12.98 | -$4.94 | Curr Liabilities: | $0.99 |
| Cash Flow/Oper: | -$12.09 | $0.17 | $2.82 | Equity: | $13.31 |
| Cash Flow/Fin: | $35.27 | -$9.05 | Cash: | $4.09 | |
| Cash Flow/Inv: | -$0.52 | -$9.05 | Working Cap: | $12.60 | |
| Business Description |
| The company is engaged in the exploration and development of silver properties in South America, Central America and Central Asia. The company is one of the largest, privately controlled portfolios of silver exploration properties in the world. Since 1993, the Company has acquired the rights to or gained control of 27 non-producing silver properties located in or near the traditional silver producing regions of Bolivia, Peru, Chile, Honduras, Mexico, Kyrghyzstan, Mongolia and Tajikistan. Exploration efforts since 1993 have successfully produced the Company's first development project, the San Cristobal project (the "San Cristobal Project") located in southern Bolivia, where regular and close spaced drilling and analysis have delineated substantial proven and probable reserves of silver, zinc and lead. In addition, exploration activities at the Company's other properties in Bolivia, Peru and Honduras indicate the presence of significant quantities of mineralized material containing silver and other metals. |
| Competition |
| The mining industry is intensely competitive. The Company competes with many companies possessing greater financial resources, operational experience and technical facilities than itself. Competition in the mining business could adversely affect the Company's ability to attract requisite capital funding or acquire suitable producing properties or prospects for mineral exploration in the future. The Company recently has encountered increasing competition from other mining groups in its efforts to acquire mineral properties. |
| Business Plan |
| The Company was founded in 1993 to acquire and develop attractive silver properties throughout the world. Since 1993, the Company has acquired a portfolio of silver properties covering approximately two million acres in eight countries. These acquisitions were premised on several factors, including (i) the low price of silver relative to the price of other precious metals, (ii) a perception that silver supply and demand fundamentals were stronger than the then-prevailing price of silver suggested, (iii) the general scarcity of attractive publicly-traded silver companies, and (iv) the perception of negative sentiment within the traditional silver mining community. |
| Use of Proceeds |
| The proceeds from the proposed offering will be used for feasibility studies, financing and construction and development of its San Cristobal district properties in Boliva, exploration and development activities at any of the other properties within the company's existing portfolio, maintenance of control or ownership of the company's existing mineral properties including ongoing lease payments, and paying royalties and other maintenance and registration fees, and acquisition of additional properties or businesses that are complementary to those of the company. |
| Name of Shareholder | % Owned Before | % Owned After |
| Thomas S. Kaplan | 49.08% | 32.28% |
| Moore Global Investments Ltd./Remington Investment Strategies, L.P. | 6.89% | 4.53% |
| C.A. Delaney Capital Management Limited | 5.51% | 3.63% |
| Officer Name | Title | Age |
| Thomas S. Kaplan | Chairman, Director | 34 |