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Silver X Mining Announces Brokered Private Placement for Gross Proceeds of up to C$5.0 Million

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Silver X Mining has announced a brokered private placement to raise up to C$5.0 million through Red Cloud Securities. The offering includes up to 16,666,667 units at C$0.30 per unit, with each unit comprising one common share and half a warrant. Each whole warrant allows purchase of one common share at C$0.42 within 24 months of closing. An additional option to sell up to 3,333,333 units could raise an extra C$1.0 million. The proceeds will fund capital and exploration expenditures at the Nueva Recuperada Silver District in Peru, plus working capital. The offering is expected to close on November 14, 2024.

Silver X Mining ha annunciato un collocamento privato mediato per raccogliere fino a C$5,0 milioni tramite Red Cloud Securities. L'offerta include fino a 16.666.667 unità a C$0,30 per unità, con ogni unità costituita da una azione ordinaria e metà di un warrant. Ogni warrant intero permette l'acquisto di un'azione ordinaria a C$0,42 entro 24 mesi dalla chiusura. Un'opzione aggiuntiva per vendere fino a 3.333.333 unità potrebbe generare un ulteriore C$1,0 milione. I proventi finanzieranno spese per capitali ed esplorazione nel Distretto Argenteo di Nueva Recuperada in Perù, oltre al capitale circolante. Si prevede che l'offerta si chiuda il 14 novembre 2024.

Silver X Mining ha anunciado una colocación privada mediada para recaudar hasta C$5,0 millones a través de Red Cloud Securities. La oferta incluye hasta 16.666.667 unidades a C$0,30 por unidad, con cada unidad compuesta por una acción común y media garantía. Cada garantía completa permite la compra de una acción común a C$0,42 dentro de un periodo de 24 meses después del cierre. Una opción adicional para vender hasta 3.333.333 unidades podría generar un adicional de C$1,0 millón. Los ingresos se destinarán a gastos de capital y exploración en el Distrito de Plata de Nueva Recuperada en Perú, además del capital de trabajo. Se espera que la oferta se cierre el 14 de noviembre de 2024.

Silver X Mining은 Red Cloud Securities를 통해 최대 C$5.0 백만을 모금하기 위한 중개 비공식 배치를 발표했습니다. 이 제공에는 C$0.30 단가에 최대 16,666,667개의 단위가 포함되며, 각 단위는 하나의 보통주와 반 개의 워런트로 구성됩니다. 전체 워런트 1개는 마감 후 24개월 이내에 C$0.42에 하나의 보통주를 구매할 수 있도록 허용합니다. 최대 3,333,333개의 단위를 판매할 수 있는 추가 옵션은 추가적으로 C$1.0 백만을 모집할 수 있습니다. 수익금은 페루의 Nueva Recuperada 은광 지구의 자본 및 탐사 비용과 운영 자본을 지원하는 데 사용될 것입니다. 이 제공은 2024년 11월 14일에 마감될 것으로 예상됩니다.

Silver X Mining a annoncé un placement privé médié par courtier pour lever jusqu'à C$5,0 millions par l'intermédiaire de Red Cloud Securities. L'offre comprend jusqu'à 16.666.667 unités à C$0,30 par unité, chaque unité comprenant une action ordinaire et une demi-option. Chaque option entière permet d'acheter une action ordinaire à C$0,42 dans les 24 mois suivant la clôture. Une option supplémentaire pour vendre jusqu'à 3.333.333 unités pourrait générer un montant supplémentaire de C$1,0 million. Les recettes serviront à financer des dépenses d'investissement et d'exploration dans le district argentifère de Nueva Recuperada au Pérou, ainsi qu'à des fonds de roulement. L'offre devrait se clôturer le 14 novembre 2024.

Silver X Mining hat eine vermittelte Privatplatzierung angekündigt, um bis zu C$5,0 Millionen über Red Cloud Securities zu sammeln. Das Angebot umfasst bis zu 16.666.667 Einheiten zu C$0,30 pro Einheit, wobei jede Einheit aus einer Stammaktie und einem halben Warrant besteht. Jeder vollständige Warrant erlaubt den Kauf einer Stammaktie zu C$0,42 innerhalb von 24 Monaten nach Abschluss. Eine zusätzliche Option zum Verkauf von bis zu 3.333.333 Einheiten könnte zusätzlich C$1,0 Millionen einbringen. Die Erlöse sollen die Investitions- und Explorationsausgaben im Nueva Recuperada Silberbezirk in Peru sowie das Betriebskapital finanzieren. Es wird erwartet, dass das Angebot am 14. November 2024 abgeschlossen wird.

Positive
  • Secured up to C$5.0 million in new funding with potential for additional C$1.0 million
  • Proceeds will fund exploration and development of Nueva Recuperada Silver District
  • Warrant exercise price of C$0.42 represents 40% premium to unit price
Negative
  • Dilutive effect on existing shareholders through issuance of up to 16,666,667 new shares
  • Additional dilution possible through warrant exercises and agent's option

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / October 30, 2024 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. to act as sole agent and sole bookrunner (the "Agent") in connection with a "best-efforts" private placement to sell up to 16,666,667 units of the Company (each, a "Unit") at a price of C$0.30 per Unit (the "Offering Price") for gross proceeds of up to C$5,000,000 (the "MarketedOffering").

Each Unit will consist of one common share of the Company (each, a "Common Share") and one half of one Common Share purchase warrant (each whole warrant, a "Warrant"). Each whole Warrant shall entitle the holder to purchase one Common Share (each, a "Warrant Share") at a price of C$0.42 at any time on or before that date which is 24 months after the closing date of the Offering.

The Company has granted to the Agent an option, exercisable up to 48 hours prior to the closing date of the Offering, to sell up to an additional 3,333,333 Units at the Offering Price to raise up to an additional C$1,000,000 in gross proceeds (the "Agent's Option", and together with the Marketed Offering, the "Offering").

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units to be sold pursuant to the Marketed Offering will be offered for sale to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario, and Saskatchewan (the "Canadian Selling Jurisdictions") pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). The securities issuable pursuant to the sale of LIFE Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended.

The Units sold pursuant to the Agent's Option (the "Non-LIFE Units") will be offered by way of the "accredited investor" and "minimum amount investment" exemptions under NI 45-106 in the Canadian Selling Jurisdictions. The securities issuable pursuant to the sale of Non-LIFE Units will be subject to a hold period ending on the date that is four months plus one day following the closing date of the Offering as defined in Subsection 2.5(2) of Multilateral Instrument 45-102 - Resale of Securities.

The Company intends to use the net proceeds from the Offering for capital and exploration expenditures related to the Company's operations in the Nueva Recuperada Silver District in Peru as well as for working capital and general corporate purposes.

The Offering is scheduled to close on November 14, 2024, or such other date as the Company and the Agent may agree, and is subject to certain conditions including, but not limited to, receipt of all necessary approvals including the approval of the TSX Venture Exchange.

There is an offering document related to the Offering that can be accessed under the Company's profile at www.sedarplus.ca and on the Company's website at www.silverxmining.com. Prospective investors should read this offering document before making an investment decision.

This news release does not constitute an offer to sell or solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act, as amended or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

About Silver X
Silver X is a rapidly expanding silver developer and producer. The Company owns the 20,472-hectare Nueva Recuperada Silver Project in Central Peru and produces silver, gold, lead and zinc from its Tangana Mining Unit. We are building a premier silver company that aims to deliver outstanding value to all stakeholders, consolidating and developing undervalued assets, adding resources, and increasing production while aspiring to sustain the communities that support us and stewarding the environment. Current production, paired with immediate development and brownfield expansion opportunities, presents investors with the opportunity to invest in the early stages of a silver producer with strong growth prospects. For more information visit our website at www.silverxmining.com.

ON BEHALF OF THE BOARD
José M. García, CEO and Director

For further information, please contact:
Susan Xu
Investor Relations
ir@silverxmining.com
+1 778 323 0959

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, expectations regarding the completion of the Offering, the expected use of proceeds from the Offering, other sources of funds, exploration plans, results of operations, expected performance at the Project, the Company's belief that the Tangana system will provide considerable resource expansion potential, that the Company will be able to mine the Tangana Mining Unit in an economic manner, and the expected financial performance of the Company.

The following are some of the assumptions upon which forward-looking information is based: that general business and economic conditions will not change in a material adverse manner; demand for, and stable or improving price for the commodities we produce; receipt of regulatory and governmental approvals, permits and renewals in a timely manner; that the Company will not experience any material accident, labour dispute or failure of plant or equipment or other material disruption in the Company's operations at the Project and Nueva Recuperada Plant; the availability of financing for operations and development; the Company's ability to procure equipment and operating supplies in sufficient quantities and on a timely basis; that the estimates of the resources at the Project and the geological, operational and price assumptions on which these and the Company's operations are based are within reasonable bounds of accuracy (including with respect to size, grade and recovery); the Company's ability to attract and retain skilled personnel and directors; and the ability of management to execute strategic goals.

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.sedarplus.ca 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 the original press release on accesswire.com

FAQ

What is the size of Silver X Mining's (AGXPF) October 2024 private placement?

Silver X Mining announced a private placement to raise up to C$5.0 million, with an additional option to raise up to C$1.0 million.

What is the price per unit for Silver X Mining's (AGXPF) private placement?

The units are priced at C$0.30 each, with each unit consisting of one common share and half a warrant.

When will Silver X Mining's (AGXPF) private placement close?

The private placement is scheduled to close on November 14, 2024, subject to necessary approvals.

How will Silver X Mining (AGXPF) use the proceeds from the private placement?

The proceeds will be used for capital and exploration expenditures at the Nueva Recuperada Silver District in Peru, as well as working capital and general corporate purposes.

SILVER X MNG CORP

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