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Silver X Completes Debt Settlement, Appoints New Director
VANCOUVER, BC / ACCESSWIRE / June 9, 2022 / SILVER X MINING CORP. (TSX-V:AGX) (OTCQB:AGXPF) ...
About this update from Silver X Mining Corp
[{"type":"text","content":"Silver X Completes Debt Settlement, Appoints New DirectorVANCOUVER, BC / ACCESSWIRE / June 9, 2022 / SILVER X MINING CORP. (TSX-V:AGX) (OTCQB:AGXPF) (\"Silver X\" or the \"Company\") announces that it has completed the debt settlement transaction (the \"Debt Settlement\") previously announced in its news release dated April 20, 2022, settling US$4,198,356.16 (CAD$5,285,310.58) of debt pursuant to an unsecured convertible debenture maturing on June 21, 2022, through the issuance of 17,617,701 common shares of the Company (the \"Shares\") at a deemed price of $0.30 per Share, to Baker Steel Resources Trust Limited (\"BSRT\"). BSRT now has beneficial ownership of, or control or direction over, directly or indirectly, 19,502,695 Shares or 13.89% of the issued and outstanding Shares, (representing an increase of 12.35% from the number of Shares owned by BSRT prior to the Debt Settlement, which was 1,884,994 Shares). The Shares will be subject to a four month hold period which will expire on the date that is four months and one day from the date of issue of the Shares. Depending on market conditions and other factors, BSRT may from time to time acquire and/or dispose of securities of Silver X or continue to hold its current position.The Company is also pleased to announce that it has appointed Francis Johnstone to the board of directors of the Company (the \"Board\") effective as of the date hereof. Mr. Johnstone was appointed pursuant to the terms of the agreement entered into in connection with the Debt Settlement, whereby the Company granted BSRT the right, among other things, for so long as BSRT and its affiliates together hold at least 10% of the issued and outstanding Shares (determined on a partially diluted basis), to designate one nominee for election or appointment to the Board.Francis Johnstone has been an Investment Advisor to London Stock Exchange listed specialist resources Investment Company, BSRT, since its inception in 2010. Having trained in corporate finance and mergers and acquisitions at Citibank he entered the mining business in 1989 with Cluff Resources plc. Since that time, he has been active in the mining business as both an executive and non-executive director of a number of junior mining companies, listed and unlisted. He is currently a non-executive director of Tungsten West PLC a mining company quoted on t...