PPX Mining Files Q2 2023 Financial Statements Showing IN Full the Impact of Its Financial Restructuring
NEWS RELEASE TSX.V PPX; BVL PPX
PPX MINING FILES Q2 2023 FINANCIAL STATEMENTS SHOWING IN
FULL THE IMPACT OF ITS FINANCIAL RESTRUCTURING
Toronto – May 30, 2023 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that it
has filed its March 31 2023 (Fiscal Q2 2023) Financial Statements and MDA, showing in full the impact of
its financial restructuring led by the new management of the Company, being the most important highlights
the following:
• Cash and receivables C$7.6 million, versus C$2.7 million on September 30, 2022 (Fiscal year -end
2022 audited financial statements).
• C$15.6 million increase in working capital on the first six month of fiscal 2023; or C$4.3 million
working capital versus -C$11.3 million on September 30, 2022.
• US$5.4 million Gold and Silver Purchase Agreement restructuring with RIVI Opportunity Fund LP
(“RIVI”). Under the new agreement and among other important changes , the Company entirely
satisfied its outstanding debt with RIVI by the issuance of a secured convertible debenture to RIVI.
The convertible debenture will mature on the third anniversary of the date of issue and bears interest
at a rate of 5% per annum, payable semi-annually. RIVI may convert all or any part of the principal
amount outstanding into common shares in the capital of PPX at a conversion price of US$0.04 per
share, subject to regulatory conversion restrictions. See February 21 and May 17, 2023 press releases.
• A Convertible note and several promissory notes outstanding for a total of US$2.2 million were
settled and converted into common shares in the capital of PPX at a 36.5% premium. See November
8, 2022 press release.
• Settled US$1 million obligation with former employees and a former director of the Company.
• Settled and closed the acquisition of a key block of surface rights totalizing 399 hectares cover ing
the principal area of the Igor Project, transaction that was outstanding for several years due to certain
challenges. See March 15, 2023 press release.
Brian Imrie, Executive Chairman, commented, “new management at PPX has been able to successfully
deliver a comprehensive financial restructuring of the Company. This filing marks an infle ction point for
us and constitutes the basis for our growth plans”.
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 its financial results and future plans. 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, del ays or inability to execute/obtain the necessary financing for its plans . Although the
Company 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 release 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.