Silver X Completes Settlement of Royalty Debt

Rhea-AI Summary

Silver X Mining Corp. (TSX-V:AGX)(OTCQB:AGXPF) has successfully completed a debt settlement transaction, paying CAD$540,377 in royalties to Maverix Metals Inc. by issuing 1,801,256 shares at CAD$0.30 per share. The shares are subject to a four-month hold period. Silver X operates the Tangana project in Peru, focusing on silver and other metals. The management emphasizes a commitment to enhancing shareholder value.

Positive

• Successful debt settlement of CAD$540,377 improves financial stability.
• Issuance of shares helps manage cash flow without incurring additional debt.
• Strong management track record aimed at increasing shareholder value.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / August 24, 2022 / SILVER X MINING CORP. (TSX-V:AGX)(OTCQB:AGXPF)(FRANKFURT:WPZ) ("Silver X" or the "Company") is pleased to announce that it has completed the debt settlement transaction announced in its news release of August 22, 2022.

The Company settled accrued royalties to June 30, 2022, and correspondent interest, payable to Maverix Metals Inc. in the amount of CAD$540,377 by way of issuance of 1,801,256 common shares of the Company (the "Shares") at a deemed price of CAD$0.30 per Share.

The Shares are subject to a four month hold period which will expire on the date that is four months and one day from the date of issue of the Shares.

About Silver X

Silver X is a Canadian silver mining company with assets in Peru. The Company's flagship asset is the Tangana silver, gold, lead, zinc and copper project (the "Project") located in Huancavelica, Peru, 10 km north-northwest of the Nueva Recuperada polymetallic concentrate plant. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverxmining.com.

ON BEHALF OF THE BOARD

José M. Garcia
CEO and Director

For further information, please contact:

Silver X Mining Corp.
José M. Garcia, CEO
+1 604 358 1382 | j.garcia@silverxmining.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Cautionary Statement Regarding "Forward-Looking" Information

This press release contains forward-looking information within the meaning of applicable Canadian securities legislation ("forward-looking information"). 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 acts, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". All information contained in this press release, other than statements of current and historical fact, is forward looking information. Forward-looking information contained in this press release may include, without limitation, statements with respect to the debt settlement transaction of the Company.

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, as the case may be, to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the Company's annual and interim MD&As and in its public documents filed on www.sedar.com from time to time. Forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. 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.

SOURCE: Silver X Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/713380/Silver-X-Completes-Settlement-of-Royalty-Debt

FAQ

What was the amount settled in the Silver X Mining debt settlement transaction?

Silver X Mining Corp. settled a total of CAD$540,377 in royalties.

How many shares were issued by Silver X to settle their debt?

Silver X issued 1,801,256 common shares to settle the debt.

What is the hold period for the shares issued by Silver X Mining?

The shares are subject to a four-month hold period.

What is the stock symbol for Silver X Mining on OTCQB?

The stock symbol for Silver X Mining on OTCQB is AGXPF.

What is the flagship asset of Silver X Mining?

Silver X Mining's flagship asset is the Tangana silver project located in Peru.