Silver X Mining Corp. Completes First Tranche of Funding for Silver District Development

Silver X Mining Corp. announced the successful closure of the first tranche of its non-brokered private placement, securing $1,108,116 through the issuance of 6,156,199 units at $0.18 each. This tranche forms part of a larger initiative to bolster the company's capital for developing its Nueva Recuperada Silver District in Peru and possibly acquiring additional assets. Each unit in this placement includes one common share and one-half of a share purchase warrant, the latter allowing the purchase of additional shares at $0.30 each within a 36-month period post-closure.

The funds raised are earmarked for the exploration and capital expenditures related to the company's project and potential asset acquisitions. Upon the first tranche's closure, these securities entered a statutory hold, expiring on August 5, 2024, paving the way for the anticipated second tranche, pending regulatory approvals and TSX Venture Exchange's final acceptance.

In conjunction with this financing, Silver X paid finder's fees in both cash and warrants, reflecting a structured approach to incentivize the sourcing of potential investors. Notably, insiders of the company have shown interest in participating in the upcoming second tranche, underlining their confidence in the project's prospects. This insider participation is compliant with TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101, emphasizing transparency and fairness in transactions involving related parties.