Silver X Mining Corp (TSX-V:AGX, OTC:WRPSF) has closed the first tranche of its non-brokered private placement, raising $1,108,116.
The placement consisted of 6,156,199 units priced at $0.18 per unit, each comprising one common share and one half of one share purchase warrant. These warrants allow holders to buy one share at $0.30 within 36 months.
Proceeds will fund capital expenditures, exploration in Peru's Nueva Recuperada Silver District, and potential asset acquisitions.
CEO Jose Garcia and VP Sebastian Wahl plan to participate in the second tranche.