Silver X Mining Announces Termination of Private Placement
Silver X Mining announced the termination of its previously announced private placement from October 30, 2024, citing unfavorable market conditions. CEO Jose Garcia attributed the decision to the dramatic decline in equity prices and metal prices, particularly silver, stating that completing the offering would not serve shareholders' best interests under current market circumstances.
Silver X Mining ha annunciato la cessazione del suo precedente collocamento privato del 30 ottobre 2024, citando condizioni di mercato sfavorevoli. Il CEO Jose Garcia ha attribuito la decisione al drammatico calo dei prezzi delle azioni e dei metalli, in particolare argento, affermando che completare l'offerta non servirebbe ai migliori interessi degli azionisti date le attuali circostanze di mercato.
Silver X Mining anunció la terminación de su colocación privada previamente anunciada del 30 de octubre de 2024, citando condiciones de mercado desfavorables. El CEO Jose Garcia atribuyó la decisión a la dramática caída de los precios de las acciones y de los metales, especialmente plata, afirmando que completar la oferta no serviría al mejor interés de los accionistas bajo las circunstancias actuales del mercado.
Silver X Mining은 2024년 10월 30일에 발표된 사모펀드 모집의 종료를 발표하며, 불리한 시장 상황을 이유로 들었습니다. CEO 호세 가르시아는 주식 가격과 금속 가격, 특히 은 가격의 급격한 하락을 언급하며 현재 시장 상황에서 이 제안을 완료하는 것이 주주들의 최선의 이익에 부합하지 않는다고 밝혔습니다.
Silver X Mining a annoncé la cessation de son placement privé précédemment annoncé du 30 octobre 2024, invoquant des conditions de marché défavorables. Le PDG Jose Garcia a attribué la décision à la chute dramatique des prix des actions et des métaux, en particulier argent, affirmant que finaliser l'offre ne servirait pas les meilleurs intérêts des actionnaires dans les circonstances actuelles du marché.
Silver X Mining hat die Beendigung seiner zuvor angekündigten Privatplatzierung vom 30. Oktober 2024 bekannt gegeben und dabei ungünstige Marktbedingungen angeführt. CEO Jose Garcia führte die Entscheidung auf den dramatischen Rückgang der Aktien- und Metallpreise, insbesondere Silber, zurück und erklärte, dass die Durchführung des Angebots unter den aktuellen Marktbedingungen nicht im besten Interesse der Aktionäre sei.
- None.
- Cancellation of planned private placement financing
- Unfavorable market conditions affecting company's ability to raise capital
- Declining silver prices impacting company's financing opportunities
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
VANCOUVER, BC / ACCESSWIRE / November 13, 2024 / Silver X Mining Corp.(TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") is announcing that it has agreed to terminate its private placement as announced by the Company on October 30, 2024, due to current market conditions.
"Given the dramatic fall in the price of equities, and in other metals, especially silver, we believe the market is no longer conducive for completing the offering on terms that would be in the best interests of the Company's shareholders," said Jose Garcia, CEO of Silver X.
About Silver X
Silver X is a rapidly expanding silver producer and developer. 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. Silver X is 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, present 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 mine 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.
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