Silver X Mining

Silver X acquires the Lily 19 mining concession from Barrick, giving it 100% of the Ccasahuasi gold project in Huancavelica for a total of $30,000. A NI 43‑101 preliminary assessment reports an inferred resource of 1,405,587 tonnes at 0.936 g/t gold (42,303 ounces), defined by 903.5 m of drilling in four holes. The concession is about 1 km from the producing Tangana mine; terms include staged payments and an NSR with a partial buyback option. Silver X outlines a conceptual 5,320 m drilling program to test extensions, which is not yet budgeted or permitted, and the stock is considered markedly valued (P/E ~70) according to the analysis. » More on de.investing.com

Silver X Mining has added Mark NJ Ashcroft to its board. Ashcroft brings about 40 years of experience in underground mining, project development and capital markets leadership and is currently CEO of Aurelius Minerals as well as an adviser to several companies. Silver X produces silver in Peru (Tangana mine), plans to restart several mines and, according to InvestingPro, has more cash than debt, but was not profitable in the past twelve months. » More on de.investing.com

Silver X Mining placed 69,000 secured convertible debentures at C$1,000 each, raising gross proceeds of C$69 million after Ventum Financial fully exercised the overallotment option. The debentures mature in five years, pay 10% p.a. (semiannually) and are convertible into common shares at C$1.62 per share until the maturity date; for the first four interest payments the company may pay in cash or in shares. The debentures are secured by material assets held in two Peruvian trust structures and by a general security in Canada. Silver X intends to use the proceeds for capital expenditures, working capital and the Nueva Recuperada project in Peru; the securities are subject to Canadian hold periods and are not registered in the United States. » More on de.investing.com