PPX Mining Announces Debt Settlement
NEWS RELEASE TSX.V PPX; BVL PPX
PPX MINING ANNOUNCES DEBT SETTLEMENT
Toronto – July 11, 2023 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that it
has entered into a debt settlement agreement dated June 23, 2023 with a former officer of the Company (the
“Creditor”) to settle the outstanding debt owed by the Company to the Creditor for a severance payment
in the amount of US$280,000 and a loan advanced by the Creditor to the Company in the principal amount
of US$26,928, accruing interest at a rate of 12% per annum. The Company has agreed to repay the principal
amount of the loan in cash and settle US$125,956 of the severance payment owing through the issuance of
6,297,800 common shares of the Company (each, a “ Share”) at a deemed issue price of US$0.02
(C$0.0273) per Share to the Creditor (the “Severance Settlement”). The Creditor has agreed to forgive the
remainder of the severance in the amount of US$154,044 as well as all accrued interest on the loan. The
Severance Settlement is subject to the approval of the TSX Venture Exchange . The Shares to be issued to
the Creditor will be subject to a hold period expiring on the date that is four months and one day after the
date of issuance, in accordance with applicable securities laws and the policies of the TSX Venture
Exchange.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V , BVL: PPX) is a Canadian -based mining company with assets in
northern Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in the prolific
Northern Peru gold belt in eastern La Libertad Department.
On behalf of the Board of Directors
Brian Imrie
Executive Chairman
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Statement:
This press release contain s forward-looking information and forward -looking statements (collectively, “forward-looking statements”) as such
terms are defined by applicable securities laws, including, but not limited to statements regarding the settlement of outstanding debt owing to the
Creditor. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements often address expected
future business and financial performance and often contain words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend,”,
statements that an action or event “may,” “might,” “could,” “should,” or “will” be taken or occur, or other similar expressions. Forward-looking
statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond
the Company’s control, and the Company’s actual results could differ materially from those stated or implied in forward-looking statements due to
many various factors. Such uncertainties and risks include, among others, delays or inability to obtain the necessary cash to settle the outstanding
debt owing to the Creditor and the inability to obtain regulatory approval in connection with the Severance Settlement. Although the C ompany
believes that the expectations reflected in the forward -looking statements are reasonable, the Company cannot guarantee that the events and
circumstances reflected in the forward -looking statements will be achieved or occur. The timing of events and circumstances and actual results
could differ materially from those projected in the forward -looking statements. Accordingly, one should not place undue reliance on forward -
looking statements. All forward -looking statements contained in this press releas e are made as of today’s date, and the Company undertakes no
obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless
required by law.