Silver X Mining Corp (TSX-V:AGX, OTC:WRPSF) is initiating a private placement to raise funds for capital expenditures, exploration, and potential acquisitions in Peru.
The Canadian silver company is aiming to raise up to $2 million through the issuance of 11,111,111 units priced at $0.18 each.
Each unit comprises one common share and half a share purchase warrant, entitling holders to purchase a share at $0.30 within 36 months of the placement's closing. The company may pay finders' fees of 6% cash and 6% finder's warrants. Proceeds will primarily fund capital expenditures and exploration at the Nueva Recuperada Silver District in Peru, alongside potential asset acquisitions.
Silver X holds assets in Peru, with the Tangana silver, gold, lead, zinc, and copper project located in Huancavelica, Peru, approximately 10 kilometers north-northwest of the Nueva Recuperada polymetallic concentrate plant.
The company said in February that it is focusing on renovating the Plata Mining Unit (Plata) within its Nueva Recuperada Silver District in central Peru.
Plata, a previously productive area with underexploited veins, is strategically located near the Nueva Recuperada plant, promising increased production potential.
With historical operations ceased, Plata's 2022 inferred resource of 448,812 tonnes, featuring high-grade silver, lead, and zinc, underscores its significance.