Silver X Mining Completes Final Tranche of $5 Million Offering and Shares for Debt Initiative

Silver X Mining Corp announced the successful closing of the final tranche of its $5,000,000 non-brokered private placement offering. This last portion included the placement of 21,621,577 units at $0.18 each, aggregating gross proceeds of $3,891,884. Together with the first tranche, the company raised a total of $5 million through 27,777,776 units.

Each unit in this offering comprises one common share and half of one share purchase warrant, allowing the holder to buy additional shares at $0.30 each over the next 36 months. The funds will primarily support capital expenditures and exploration in the Nueva Recuperada Silver District in Peru and possible asset acquisitions.

Furthermore, Silver X Mining has also settled an indebtedness of US$2,181,458 through the issuance of 6,000,000 common shares to Martinez Contratistas e Ingenieria S.A., improving its financial standing for future growth and operations. This shares for debt resolution is part of the company's strategic initiatives to maintain financial flexibility and operational efficiency.

All securities tied to the placement are under a hold period ending on August 13, 2024, with the entire process being subject to regulatory approvals, including from the TSX Venture Exchange. CEOs and vice presidents of the company, deemed insiders, participated significantly in this tranche, purchasing approximately $2,273,009 worth of units.