Silver X Announces Shares for Debt Transaction
Silver X Mining announces a debt settlement of up to CAD$249,680 through the issuance of common shares. A total of 780,250 shares will be issued to Baker Steel Resources Trust Limited at a price of $0.32 per share. This issuance is intended to pay accrued interest on a US$4 million unsecured convertible debenture held by Baker Steel. The transaction is subject to approval by the TSX Venture Exchange, with a four-month hold period on the securities issued.
- Debt settlement reduces liabilities by CAD$249,680.
- Issuance of shares strengthens relationship with Baker Steel.
- Subject to TSX Venture Exchange approval, enhancing credibility.
- Issuing shares may lead to shareholder dilution.
- Dependence on Baker Steel for funding could pose financial risks.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES
VANCOUVER, BC / ACCESSWIRE / January 24, 2022 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:WRPSF) ("Silver X" or the "Company") is pleased to announce that the board of directors of Silver X has approved the settlement of up to CAD
Pursuant to the Debt Settlement, Silver X would issue up to 780,250 Shares at a deemed price of
Baker Steel, who holds a US
All securities issued will be 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.
About Silver X Mining
Silver X Mining is a Canadian silver mining company with assets in Peru and Ecuador. The Company's flagship asset is the Nueva Recuperada silver lead zinc project located in Huancavelica, Peru. Founders and management have a successful track record of increasing shareholder value. For more information visit our website at www.silverx-mining.com.
ON BEHALF OF THE BOARD
Jose Garcia
Chief Executive Officer
For further information, please contact:
Silver X Mining Corp.
Jose Garcia, Chief Executive Officer
+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
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond the Company's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
SOURCE: Silver X Mining Corp.
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https://www.accesswire.com/685055/Silver-X-Announces-Shares-for-Debt-Transaction
FAQ
What is the debt settlement amount announced by Silver X Mining?
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What is the status of the share issuance by Silver X Mining?
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