Canadian silver mining company Silver X Mining Corp. has successfully closed the second tranche of its non-brokered private placement offering. The placement involved 3 million units sold at a price of $0.30 per unit, resulting in gross proceeds of $902,010. This follows the previous closing of the first tranche, which raised $1.2 million. In total, the company has placed 7.2 million units, garnering aggregate gross proceeds of $2.1 million. The funds raised will be used for capital expenditures, exploration activities in the Nueva Recuperada Silver District in Peru, and potential asset acquisitions.
Two angel investors in the offering collectively invested approximately $133,000 in the second tranche. This participation constitutes a related party transaction, exempt from specific valuation and shareholder approval requirements. The securities issued in connection with the second tranche will be subject to a statutory hold period until October 29, 2023. The completion of the offering is contingent upon regulatory approvals, including final acceptance from the TSX Venture Exchange. The company is set to close the last tranche of the offering in early July.