Silver X Mining Announces Non-Brokered Private Placement of Up To C$2.0 Million

Rhea-AI Summary

Silver X Mining Corp. announces a non-brokered private placement to raise up to $2,000,000 for capital expenditures, exploration, and potential acquisitions. The offering consists of 11,111,111 units at $0.18 per unit, with each unit comprising one common share and one-half of a share purchase warrant. Finders' fees of 6% cash and 6% finder's warrants may be payable. The proceeds will be used for the Nueva Recuperada Silver District project in Peru and potential asset acquisitions.

All dollar amounts reflected in Canadian dollars unless otherwise stated.

VANCOUVER, BC / ACCESSWIRE / March 21, 2024 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") announces a non-brokered private placement (the "Private Placement") of up to 11,111,111 units (the "Units") at a price of $0.18 per Unit for gross proceeds of up to $2,000,000. Each Unit will be comprised of one (1) common share (a "Share") and one half (1/2) of one Share purchase warrant (a "Warrant") with each whole Warrant entitling the holder to purchase one Share of the Company at a price of $0.30 per Share for a period of 36 months from the date of closing of the Private Placement (the "Closing Date").

Finders' fees of 6 per cent cash and 6 per cent finder's warrants may be payable to eligible parties. The Company intends to use the net proceeds from the Offering for capital expenditures and exploration related to the Nueva Recuperada Silver District in Peru (the "Project") and potential acquisitions of assets. See News Release February 27, 2024: "Silver X Announces Upcoming Developments in the Plata Mining Unit in Addition to the Current Production."

The securities being offered under the Offering will be issued pursuant to applicable exemptions from the prospectus requirements under applicable securities laws and will be subject to a hold period that will expire four months and one day from the Closing.

Closing of the proposed Offering is anticipated to occur on or about March 29, 2024. Closing of the Offering is subject to receipt of all necessary regulatory approvals including acceptance of the TSX Venture Exchange.

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 United States Securities Act of 1933, as amended (the "U.S. Securities Act") 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 Mining Corp.
Silver X is a rapidly-expanding silver developer and producer in the Americas. The Company owns the +20,000- hectare Nueva Recuperada Silver District in Central Peru and produces silver, gold, lead and zinc from the district's Tangana Mining Unit. Our mission is to be a premier silver company delivering outstanding value to all stakeholders and we aim to achieve this by consolidating and developing undervalued assets, creating value by adding resources and increasing production while aspiring to social and environmental excellence. For more information visit our website at www.silverxmining.com.

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

For further information, please contact:
Investor Relations
ir@silverxmining.com
+1 647 259 6901

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, exploration plans, results of operations, expected performance at the Project, the ability of the new zones at the Project to feed production at the Company's Nueva Recuperada Plant in the near term, 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, the expected financial performance of the Company, the ability of the Company to complete the proposed Private Placement, if at all, on the proposed terms, and the use of proceeds of the Private Placement.

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.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 the original press release on accesswire.com

FAQ

What is Silver X Mining Corp. announcing?

Silver X Mining Corp. is announcing a non-brokered private placement to raise up to $2,000,000 for capital expenditures, exploration, and potential acquisitions.

How many units are being offered in the private placement?

A total of 11,111,111 units are being offered at a price of $0.18 per unit.

What is included in each unit offered?

Each unit includes one common share and one-half of a share purchase warrant.

What are the intended uses of the net proceeds from the private placement?

The net proceeds from the private placement will be used for capital expenditures, exploration related to the Nueva Recuperada Silver District in Peru, and potential acquisitions of assets.

How much are the finders' fees for the private placement?

Finders' fees of 6% cash and 6% finder's warrants may be payable to eligible parties.