This past Friday, there had been a number of companies that had come on the news cycle, but Silver X Mining Corp. (OTC: AGXPF) could be one of the companies that could be on the radars of investors this morning. On April 12, the company announced that it had closed the second and last tranche of its non-brokered private placement.
The company announced that it had offered an aggregate of 21,621,577 units for the price of $0.18 each and generated gross proceeds to the tune of $3,891,884. The company had made an announcement about the closing of the first tranche of the private placement on April 4, 2024, and raised $1,108,116. In the entire transaction, the company offered an aggregate of 27,777,776 units and generated gross proceeds to the tune of $5,000,000. In the news release, the company announced that each unit was made up of one common share in Silver X Mining and half of a share purchase warrant.
The holder of one whole warrant would be entitled to pick up one share in the company for $0.30 per share for a period of 36 months from the date of the private placement. The company also announced in its private placement that the money raised from the placement would be deployed towards capital-related expenses and also for exploration expenses pertaining to the Nueva Recuperada Silver District located in Peru.
The capital would also be used for any potential acquisitions. The securities that were issued by the company in the second tranche of the private placement were going to be subjected to a hold period that would end on August 13, 2024. However, the closure of the private placement transaction would also be dependent on the receipt of all the necessary regulatory approvals from the TSX Venture Exchange.
