Silver X Closes First Tranche and Upsizes Previously Announced Non-brokered Private Placement
Silver X Closes First Tranche and Upsizes Previously Announced
Non-brokered Private Placement
VANCOUVER, BC / ACCESSWIRE / October 20, 2022 / SILVER X MINING CORP.
(TSX-V:AGX) (OTCQB:AGXPF) (F:WPZ) ("Silver X" or the "Company") announces that
further to its press release of October 14, 2022, the Company has closed the first tranche of its
previously announced non-brokered private placement offering (the "Offering") with the
placement of 8,648,254 units (the "Units") at a price of $0.22 per Unit for a gross proceeds of
$1,902,616.06. The Company is also pleased to announce that it intends to upsize the Offering.
The upsized Offering is expected to be for aggregate gross proceeds of up to $2,500,000 through
the sale of up to 11,363,636 Units at a price of $0.22 per Unit.
Each Unit consists of one common share of the Company (a "Common Share") and one-half
(1/2) of one Common Share purchase warrant (each whole Common Share Purchase Warrant, a
"Warrant"). Each Warrant will entitle the holder to purchase one Common Share at a price of
$0.33 for a period expiring two years following the closing date of the Offering (the "Closing").
Proceeds of the Offering will be used for the continuation of the drilling program of the gold
exploration targets around the Tangana project, for the advancing of the resource update on the
Plata project, for working capital, and general corporate purposes.
An insider of the Company participated for approximately $25,000 worth of Units in the first
tranche of the Offering. The participation by the insider of the Company in the Offering
constitutes a related party transactions within the meaning of TSX Venture Exchange Policy 5.9
and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special
Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and
minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a), as neither the fair
market value of the securities issued, nor the fair market value of the consideration for the
securities issued exceeds 25% of the Company's market capitalization as calculated in
accordance with MI 61-101. A material change report in connection with the Offering will be
filed less than 21 days before the closing of the Offering. This shorter period was reasonable and
necessary in the circumstances as the Company wished to complete the Offering in a timely
manner.
All securities issued and issuable in connection with the first tranche closing of the Offering are
subject to a statutory hold period expiring on February 21, 2023. The closing of the second
tranche is expected shortly as subscriptions are received. Closing of the Offering is subject to
receipt of all necessary regulatory approvals including final acceptance of the TSX Venture
Exchange.
Under the first tranche of the Private Placement, the Company paid fees to eligible finders
consisting of: (i) $59,736.60; and (ii) 271,530 finder warrants (the "Finder Warrants"), each
Finder Warrant exercisable into one Common Share at a price of $0.33 until October 20, 2024.
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 Canadian silver mining company with assets in Peru. The Company's flagship asset
is the Tangana silver, gold, lead, zinc and copper project (the "Project") located in
Huancavelica, Peru, 10 km north-northwest of the Nueva Recuperada polymetallic concentrate
plant. Founders and management have a successful track record of increasing shareholder value.
For more information visit our website at www.silverxmining.com.
ON BEHALF OF THE BOARD
José M. Garcia
CEO and Director
For further information, please contact:
Silver X Mining Corp.
José M. Garcia, CEO
+34 635 204 069 | [email protected]
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, the use of proceeds
of the Offering, the expectation of obtaining final approval of the TSX Venture Exchange,
exploration plans, results of operations, expected performance at the Project, the ability of the
new zones at the Project to feed production at the Company's Nueva Recuperada Plant in the
near term, 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 Project 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.sedar.com 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.