PPX Mining Completes Shares FOR Debt Transaction and Announces Additional Debt Settlement
NEWS RELEASE TSX.V PPX; BVL PPX
PPX MINING COMPLETES SHARES FOR DEBT
TRANSACTION AND ANNOUNCES ADDITIONAL DEBT
SETTLEMENT
Toronto – February 17, 2023 – PPX Mining Corp. (the “ Company ” or “ PPX ”) is pleased to announce
that further to its press release dated January 18, 2023, the Company has issued 7,306,425 common shares
of the Company (each, a “ Debt Share ”), at a deemed issue price of US$0.02 (C$0.0273) p er Debt Share,
as settlement of outstanding debt in the amount of US$146,128.50 (C$199,465.41) (the “ Debt Settlement ”)
that was owed by the Company to an arm’s length cre ditor (the “ Creditor ”). The Company received the
approval of the TSX Venture Exchange (the “ Exchange ”) to the Debt Settlement. The Debt Shares are
subject to a hold period expiring on June 18, 2023, in accordance with applicable securities laws and the
policies of the Exchange. The remainder of the outstanding debt owing by the Company to the Creditor will
be settled in staged cash payments, as further described in the press release of the Company dated January
18, 2023.
The Company also announces that it has entered into a debt settlement agreement dated February 16, 2023
with a former director of the Company (the “ Former Director ”) to settle the outstanding debt owed by the
Company for a loan of US$50,000 advanced by the Former Director to the Company. The principal amount
of the debt of US$50,000 (C$68,250) will be settled in staged cash payments and the interest accrued o n
the principal amount at a rate of 12% per annum in the total amount of US$27,032 (C$36,042) will be
settled by the Company issuing 1,320,220 Debt Shares, at a deemed issue price of US$0.02 (C$0.0273) per
Debt Share, to the Former Director (the “ Loan Debt Settlement ”). The Loan Debt Settlement is subject to
the approval of the Exchange. The Debt Shares to be issued to the Former Director 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 Exchange.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, BVL: PPX) is a Cana dian-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 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.
Cautionary Statement:
This press release contains forward-looking informa tion and forward-looking statements (collectively, “ forward-looking statements ”) as such
terms are defined by applicable securities laws, in cluding, but not limited to statements regarding th e settlement of outstanding debt owing to the
Creditor and the Former Director. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements
often address expected future business and financia l performance and often contain words such as “anti cipate,” “believe,” “plan,” “estimate,”
“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 mat erially from those stated or implied in
forward-looking statements due to many various fact ors. Such uncertainties and risks include, among ot hers, delays or inability to obtain the
necessary cash to settle the outstanding debt owing to the Creditor and the Former Director and the in ability to obtain regulatory approval in
connection with the Loan Debt Settlement. Although the Company believes that the expectations reflecte d 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 r esults 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 s tatements contained in this press release
are made as of today’s date, and the Company undert akes 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.