May 17, 2023
Silver X Mining Announces Non-Brokered Private Placement of Up To C$3.0 Million
All dollar amounts reflected in Canadian dollars unless otherwise stated.
Vancouver, BC, May 17, 2023 – Silver X Mining Corp. (TSX-V: AGX) (OTCQB: AGXPF) (F: AGX) (“Silver X” or the “Company”) announces a non-brokered private placement (the “Private Placement”) of up to 10,000,000 units (the “Units”) at a price of $0.30 per Unit for gross proceeds of up to $3,000,000. Each Unit will be comprised of one common share (a “Share”) and one Share purchase warrant (a “Warrant”) with each Warrant entitling the holder to purchase one Share of the Company at a price of $0.45 per Share for a period of 24 months from the date of closing of the Private Placement (the “Closing Date”).
In the event that at any time following the date that is 4 months and one day following the Closing Date, the closing price of the Shares of the Company is at or above $0.60 per Share for a period of 10 consecutive trading days during the Warrant exercise period (with the 10th such trading day hereafter referred to as the “Eligible Acceleration Date”), the Warrant expiry date shall accelerate to the date that is 60 days after the Eligible Acceleration Date.
Finders’ fees of 6% cash and 6% 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.
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 June 29, 2023. Closing of the Offering is subject to receipt of all necessary regulatory approvals including acceptance of the TSX Venture Exchange.
Revenue Mine Assets Acquisition Update
On April 17, 2023, the Company announced that it had signed a purchase agreement to acquire the Revenue Mine assets, in Colorado, USA, out of receivership. The transaction remains subject to a number of conditions, including, without limitation, the approval of the District Court, Ouray County, State of Colorado (the “District Court”). The receiver has filed documents with the District Court seeking approval for the sale. As a part of the receivership process, two creditors have filed objections to the receiver’s motion to approve the sale. The parties are awaiting determination of the District Court’s review of this matter. At this time the conditions for closing have not been met and there remains uncertainty as to whether they will be met. The Company has been to site and met with the Ouray Board of County Commissioners, receiving positive feedback from the community who
are eager to see mining activity return to the region. Silver X will continue providing progress reports as and when available as the Company continues to work to meet the conditions precedent and secure court approval.
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
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.
