March 13, 2025
Silver X Mining Announces closing of Brokered Private Placement for Gross Proceeds of C$3.5 Million, which includes a lead order by Palisades Goldcorp Ltd.
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Vancouver, British Columbia, March 13, 2025 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company“) is pleased to announce the closing of its previously announced “best-efforts” private placement (the “Offering”) for aggregate gross proceeds of C$3,500,000, which includes the full exercise of the agent’s option for proceeds of C$500,000. Under the Offering, the Company sold an aggregate of 20,588,235 units of the Company (each, a “Unit”) at a price of C$0.17 per Unit (the “Offering Price”). The Offering included a lead order from Palisades Goldcorp Ltd. (“Palisades Goldcorp”) (TSXV: PALI), a publicly traded investment company focused on companies in the resource and mining sector.
Each Unit consists of one common share of the Company (each, a “Common Share”) and one Common Share purchase warrant (each, a “Warrant”). Each Warrant shall entitle the holder to purchase one Common Share (each, a “Warrant Share”) at a price of C$0.25 at any time on or before March 13, 2028.
Red Cloud Securities Inc. (the “Agent”) acted as sole agent and bookrunner in connection with the Offering. In consideration for their services, the Agent received a cash commission of C$208,980 and 1,229,294 broker warrants (the “Broker Warrants”). Each Broker Warrant shall be exercisable for one Common Share at a price of C$0.17 per Common Share at any time on or before March 13, 2028.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 – Prospectus Exemptions (“NI 45-106”), the Units were sold 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 the Units will be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada.
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.
“We are pleased to close this financing with strong investor support, including from Palisades Goldcorp. The proceeds will allow us to advance operations and exploration at Nueva Recuperada as we realize our vision for this prolific silver district, executing our growth strategy,” said Jose Garcia, CEO of Silver X.
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 silver producer building a district-scale precious metals platform in central Peru. Its flagship Nueva Recuperada Silver District includes current production, development opportunities, and significant exploration potential. With a clear path to increased throughput and a pipeline of high-grade targets, Silver X is positioned for continued growth and long-term value creation. For more information visit our website at www.silverxmining.com.
About OTC Markets Group Inc.
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On Behalf of the Board
José M. García
CEO and Director
For further information, please contact:
Investor Relations
Cautionary Statement Regarding “Forward Looking” Information
This press release contains forward-looking information within the meaning of applicable Canadian securities legislation (“forward-looking information”). Forward-looking information is generally identified by words such as “plans”, “expects”, “estimates”, “intends”, “anticipates”, “believes”, or similar expressions, including statements that certain events or results “may”, “could”, “would” or “will” occur. All statements other than historical facts constitute forward-looking information, including, without limitation, statements regarding exploration plans, operating results, expected project performance, the potential for resource expansion at Tangana, the economic viability of the Tangana Mining Unit, and the Company’s expected financial performance.
Forward-looking information is based on a number of assumptions, including that general economic and business conditions will not materially worsen; commodity demand and prices will remain stable or improve; required permits and approvals will be obtained on a timely basis; operations will not be materially disrupted by accidents, labour issues or equipment failures; financing will be available; equipment and supplies will be accessible as needed; resource estimates and underlying assumptions (including size, grade and recovery) are reasonable; and the Company will be able to attract and retain qualified personnel and execute its strategic objectives.
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.
