Silver X Mining Corp. (TSXV: AGX | OTCQB: AGXPF | FSE: AGX) has closed its previously announced brokered private placement of secured convertible debentures, raising C$69M in gross proceeds following strong investor demand and the full exercise of the agent’s over‑allotment option.
The offering consisted of 69,000 secured convertible debentures, each priced at C$1,000. Ventum Financial Corp. acted as sole agent and bookrunner, operating on a “best efforts” basis.
José García, CEO of Silver X, commented, “Closing this private placement is an important step toward our ambition to become South America’s next premier silver company. This capital enables us to continue advancing the Nueva Recuperada Project across production expansion, development, and exploration. In parallel, we will evaluate selective acquisition opportunities that support our long‑term growth strategy.”
The debentures bear 10% annual interest, payable semi‑annually, and mature five years from issuance. For the first four interest payments, Silver X may elect to pay in either cash or common shares, subject to TSXV approval. Each debenture is convertible at the holder’s option into common shares at C$1.62 per share, with standard anti‑dilution adjustments.
Net proceeds will be used for development capital expenditures at the Nueva Recuperada Project, as well as working capital and general corporate purposes. The debentures are secured against a substantial portion of the company’s assets through Peruvian trust structures and a Canadian general security agreement.
Ventum received a 6% cash commission in accordance with the agency agreement. All securities issued, including any shares issued upon conversion of the debentures, are subject to a four‑month hold period.
Final approval from the TSX Venture Exchange is pending.
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