Silver X Completes Shares for Debt Transaction

Rhea-AI Summary

Silver X Mining Corp. has successfully completed a shares for debt transaction, initially announced on January 24, 2022. The company issued 780,250 common shares to settle accrued interest on a debenture, totaling CAD$249,680 as of December 31, 2021. All issued securities will be subject to a four-month hold period. Silver X operates primarily in Peru and Ecuador, with its flagship asset being the Nueva Recuperada silver lead zinc project.

Positive

• Successful completion of shares for debt transaction.
• Reduction of debt through the issuance of 780,250 common shares.
• Accrued interest settlement amounting to CAD$249,680.

Negative

• None.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES

VANCOUVER, BC / ACCESSWIRE / January 27, 2022 / SILVER X MINING CORP. (TSXV:AGX)(OTCQB:WRPSF) ("Silver X" or the "Company") is pleased to announce that the shares for debt transaction, announced on January 24, 2022, is completed.

The Company has distinguished the accrued interest on the Debenture to December 31, 2021, in the amount of CAD$249,680 by way of the issuance of a total of 780,250 common shares.

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@silverx-mining.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. 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". Forward-looking information in this press release may include, without limitation, statements with respect to the Debt Settlement by 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. 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/685960/Silver-X-Completes-Shares-for-Debt-Transaction

FAQ

What is the recent shares for debt transaction by Silver X Mining (WRPSF)?

Silver X Mining completed a shares for debt transaction, issuing 780,250 common shares to settle CAD$249,680 in accrued interest.

When was the shares for debt transaction announced for Silver X Mining (WRPSF)?

The shares for debt transaction was announced on January 24, 2022.

What is the amount of accrued interest settled in Silver X Mining's (WRPSF) recent transaction?

The accrued interest settled in the recent transaction amounted to CAD$249,680.

What is the significance of the four-month hold period for Silver X Mining's (WRPSF) issued shares?

The four-month hold period restricts the trading of the issued shares, providing time for the market to absorb the transaction.