Silver X Mining Corp (OTCMKTS:AGXPF) Stock In Focus After Private Placement

Yesterday Silver X Mining Corp (OTCMKTS:AGXPF) came into the news cycle after it announced the launch of a non-brokered private placement.

Trading Data

On Wednesday, AGXPF stock decreased 0.66% to $0.2275 with 165.18K shares, compared to its average volume 202.49K shares. The stock moved within a range of $0.2200 – 0.2441 after opening trade at $0.2441.

Silver X Mining Announces Non-Brokered Private Placement of Up To C$3.0 Million

The company announced that it was going to offer 10,000,000 units for the price of $0.30 each for generating gross proceeds to the tune of $3,000,000. Each unit is going to be made up of one common share in the company and one share purchase warrant. The holder of a warrant is going to be entitled to pick up one share of the common stock in Silver X Mining Corp for the price of $0.45 a share up until 24 months from the date of closing of the offering.

Eligible parties may also be entitled to finders’ fee of 6% in cash and 6% in warrants. The net proceeds from the offering would be used by the company for exploration and capital expenditures in relation to the Nueva Recuperada Silver District in Peru. Additionally, the proceeds could also be used for the purpose of acquisition of more assets. The offering is expected to be closed on June 29, 2023. The closure of the offering is also going to be subject to the receipt of all relevant regulatory approvals.