Silver X Mining Corp. has launched a brokered “best efforts” private placement of secured convertible debentures, aiming to raise up to C$60 million in gross proceeds. The financing is designed to provide capital to advance the company’s Nueva Recuperada silver project in Peru while supporting working capital and broader corporate needs.
Key points
- Ventum Financial Corp. is acting as sole agent and sole bookrunner on the brokered offering, with an option to upsize the placement by up to 15%.
- The secured convertible debentures carry a fixed 10.0% annual interest rate, paid semi-annually, and mature five years after closing.
- For the first 24 months, Silver X may elect to pay interest in cash or in shares at its discretion; thereafter, interest is payable in cash.
- Debentures are convertible into common shares at C$1.62 per share at the holder’s election (subject to the detailed terms of the instrument).
- Net proceeds are expected to be used for project development, working capital and general corporate purposes; the company expects closing on or about February 18, 2026, subject to customary conditions and approvals.
Financing structure and terms
Under the announced terms, the principal amount of each debenture will be convertible, at the option of the holder, into Silver X common shares at a conversion price of C$1.62 per share. The debentures bear interest at 10.0% per annum, payable semi-annually, and are scheduled to mature five years from the closing date. The company also granted Ventum an option to increase the size of the offering by up to 15% of the number of debentures, exercisable in whole or in part prior to closing.
The transaction is expected to close on or about February 18, 2026, subject to satisfaction of customary closing conditions, including receipt of required corporate and regulatory approvals (including TSX Venture Exchange approval).
Use of proceeds and strategic context
Silver X said it intends to use the net proceeds to fund development activities, support working capital, and for general corporate purposes. Management framed the financing as a step toward accelerating progress at the Nueva Recuperada Property in Peru.
The company describes Nueva Recuperada as a district-scale land package of 20,795 hectares with two mining units and more than 200 targets. Current production at the Tangana Mining Unit is expected to scale alongside the planned restart of the Platana Mine, with the company outlining a pathway to approximately 6 million silver-equivalent ounces of annual production by 2029.
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