Silver X Mining Announces Brokered Private Placement for Gross Proceeds of up to C$3.0 Million

ACCESS Newswire · Silver X Mining Corp.

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VANCOUVER, BC / ACCESS Newswire / February 27, 2025 / Silver X Mining Corp. (TSXV:AGX)(OTCQB:AGXPF)(F:AGX) ("Silver X" or the "Company") is pleased to announce that it has entered into an agreement with Red Cloud Securities Inc. to act as sole agent and sole bookrunner (the "Agent") in connection with a "best-efforts" private placement to sell up to 17,647,059 units of the Company (each, a "Unit") at a price of C$0.17 per Unit (the "Offering Price") for gross proceeds of up to C$3,000,000 (the "MarketedOffering").

Each Unit will consist of one common share of the Company (each, a "Common Share") and one Common Share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Common Share (each, a "Warrant Share") at a price of C$0.25 at any time on or before that date which is 36 months after the closing date of the Offering.

The Company has granted to the Agent an option, exercisable up to 48 hours prior to the closing date of the Offering, to sell up to an additional 2,941,176 Units at the Offering Price to raise up to an additional C$500,000 in gross proceeds (the "Agent's Option", and together with the Marketed Offering, the "Offering").

Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions ("NI 45-106"), the Units will be offered for sale to purchasers in the provinces of Alberta, British Columbia, Manitoba, Ontario and Saskatchewan (the "Canadian Selling Jurisdictions") pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the "Listed Issuer Financing Exemption"). The securities issuable pursuant to the sale of Units are expected to be immediately freely tradeable under applicable Canadian securities legislation if sold to purchasers resident in Canada. The Units may also be sold in offshore jurisdictions and in the United States on a private placement basis pursuant to one or more exemptions from the registration requirements of the United States Securities Act of 1933 (the "U.S. Securities Act"), as amended.

The Company intends to use the net proceeds from the Offering for capital and exploration expenditures related to the Company's operations in the Nueva Recuperada Silver District in Peru as well as for working capital and general corporate purposes.