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Silver X Announces Shares for Debt Transaction with Baker Steel
Transaction clears the USD $4,000,000 convertible debt held by Baker Steel Silver X to...
About this update from Silver X Mining Corp
[{"type":"text","content":"Silver X Announces Shares for Debt Transaction with Baker SteelTransaction clears the USD $4,000,000 convertible debt held by Baker SteelSilver X to appoint Baker Steel nominee to board of directors upon closing of transactionTransaction significantly improves Silver X's balance sheet and clears the largest overhanging dilutive instrumentVANCOUVER, BC / ACCESSWIRE / April 20, 2022 / SILVER X MINING CORP. (TSX-V:AGX) (OTCQB:AGXPF) (\"Silver X\" or the \"Company\") is pleased to announce that the Silver X board of directors (the \"Board\") has approved the settlement of US$4,198,356.16 (CAD$5,285,310.58) of debt (the \"Debt Settlement\") through the issuance of common shares of the Company (the \"Shares\"). Pursuant to the Debt Settlement, Silver X will issue 17,617,701 Shares at a deemed price of $0.30 per Share to Baker Steel Resources Trust Limited (\"Baker Steel\").In 2022, Silver X has made significant progress towards becoming one of the few public producing silver juniors. The completion of the Nueva Recuperada processing plant expansion and continued positive mine development results have built a strong foundation for robust growth over the remainder of the year. The Debt Settlement which, when completed, will remove the totality of Silver X's debt to Baker Steel and secure the addition of Baker Steel as a key institutional partner is a testament to our view of the potential of the Recuperada district.José Garcia, Silver X CEO commented: \"We are excited to have the continued support of Baker Steel, and for them to agree to strengthen their equity position in the Company. This transaction, when completed, will significantly improve our balance sheet (by removing the biggest dilutive instrument overhanging from our capital structure) and will also secure a strong institutional partner in Baker Steel. Their support demonstrates the potential of our Nueva Recuperada project that we will continue to advance as we grow one of the few publicly listed emerging silver producers\".Francis Johnstone, member of Baker Steel's investment committee commented: \"When we visited Peru in 2019 and made our investment, we could envisage the potential of the Nueva Recuperada project. Given the recent progress, we can see that potential starting to be realized and are therefore happy to exchange our debt for equity in Silver X and share i...