PPX Mining Announces US$500,000 Partial Conversion of Debenture from Rivi Opportunity Fund LP
NEWS RELEASE; TSX.V PPX; BVL PPX
NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES
PPX MINING ANNOUNCES US$500,000 PARTIAL CONVERSION OF
DEBENTURE FROM RIVI OPPORTUNITY FUND LP
Toronto – April 23, 2024 – PPX Mining Corp. ( “PPX” or the “Company” ) is pleased to announce that
RIVI Opportunity Fund LP ( “RIVI” ) has opted to convert US$500,000 principal amount of its current 5.00%
secured convertible debenture of the Company, issued in connection with a restructuring of the Company ’s
gold and silver purchase agreement with RIVI, as de scribed below. The partial conversion will result in the
issuance of 12.5 million common shares of the Company being issued to RIVI.
As announced by the Company on February 21, 2023, RIVI and the Company entered into an amended and
restated gold and silver purchase agreement which r estructured the Company’s streaming and payment
obligations. As part of that restructuring, which was led by PPX’s new management, the Company issued to
RIVI a 5.00% secured convertible debenture for an aggregate principal amount of US$5.4 million, to package
past liabilities.
On May 16, 2023 the TSX Venture Exchange approved the transaction. During the same year, the Company
pre-paid US$1 million of the principal amount. The convert has a 36 month maturity with one bullet payment
at the end of the term and accrues interest at 5% annually. As part of the terms, RIVI can convert totally or
partially this facility at US$0.04 per share, subje ct to a restriction if any conversion would result in RIVI
having beneficial ownership of, or control or direc tion over, directly or indirectly 20% or more of th e
Company’s outstanding shares, without TSX Venture E xchange approval. Following the conversion, the
outstanding principal balance of the convertible debenture is reduced to US$3,899,946.
Brian Imrie, Executive Chairman of PPX commented, “ we are delighted by RIVI’s decision to partially
convert this debenture. For us, their decision is a clear vote of confidence in PPX and a further improvement
to our balance sheet”.
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 Nort hern
Peru gold belt in eastern La Libertad Department.
On behalf of the board of directors of the Company:
Brian Imrie
Executive Chairman
82 Richmond Street East
Toronto, Ontario M5C 1P1
Canada
416-361-0737
Neither TSX Venture Exchange nor its Regulation Ser vices Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts respo nsibility for the adequacy or accuracy of this
release.
The securities mentioned in this press release have not been, and will not be, registered under the Un ited
States Securities Act of 1933 , as amended (the “ U.S. Securities Act ”) or any U.S. state securities laws, and
may not be offered or sold in the United States or to, or for the account or benefit of, United States persons
absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act
and applicable U.S. state securities laws. This pre ss release does not constitute an offer to sell or the
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solicitation of an offer to buy securities in the U nited States or any other jurisdiction in which suc h offer,
solicitation or sale would be unlawful.
Cautionary Statement:
This press release contains forward-looking informa tion and forward-looking information and statements
within the meaning of applicable securities laws (collectively, “ forward-looking statements ”), including,
but not limited to statements regarding the Company’s business, its streaming arrangements with RIVI, as
well as terms of the Company’s 5.00% secured convertible debenture and the partial conversion thereof by
RIVI. Forward-looking statements are statements that rela te to future events. In this context, forward-
looking statements often address expected future bu siness and financial performance and often contain
words such as “anticipate,” “believe,” “plan,” “est imate,” “expect,” and “intend,”, statements that an action
or event “may,” “might,” “could,” “should,” or “wil l” 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 o r implied in forward-looking statements due to many
various factors. Such uncertainties and risks include, among others, delays in obtaining or inability to obtain
required regulatory approvals and or funding, as ap plicable; the state of the equity financing markets in
Canada and other jurisdictions; volatility and sensitivity to market prices; volatility and sensitivity to capital
market fluctuations; and fluctuations in metal prices. Although the Company believes that the expectations
reflected in the forward-looking statements are rea sonable, the Company cannot guarantee that the even ts
and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of
events and circumstances and actual results could d iffer materially from those projected in the forwar d-
looking statements. Accordingly, one should not place undue reliance on forward- looking statements. All
forward-looking statements contained in this press release are made as of today’s date, and the Compan y
undertakes no obligation to update or publicly revi se any forward-looking statements, whether as a res ult
of new information, future events or otherwise, unless required by law.