Silver X and Latitude Silver Announce Closing of Business Combination - Seite 2

Luis Zapata, Executive Chairman of Silver X said: "Silver X mining is Latin America's newest publicly-listed silver producer and provides investors with exposure to one of the most exciting polymetallic districts in the region. We are excited to develop and unlock the production potential that we believe exists at Nueva Recuperada and are keenly awaiting the results of our maiden 30,000m drill program that is currently under way. The goal of this drill program is to optimize operations and to collect the data required to expand the current 7,324,400 tonne inferred resource at Nueva Recuperada".

Paul Matysek, Lead Advisor of Silver X said: "Peru tops the world with over 90 million metric tons of proven and probable silver reserves. The formation of Silver X provides both shareholders and stakeholders a tremendous opportunity to leverage substantial in-country knowledge, experience, and track-records of success to responsibly tap into this huge mineral endowment. It is a pleasure to work with such a committed management team and Board".

Foto: Accesswire

Figure 1: Silver X main targets

Transaction Summary

On closing, pursuant to the terms of the Business Combination Agreement between the Company and MMTP dated February 10, 2021, Silver X acquired all of MMTP's issued ordinary shares (the "MMTP Shares") in exchange for common shares of Silver X (each, a "Silver X Share") at an exchange ratio of 28.828 Silver X Shares for each MMTP Share, resulting in an aggregate of 42,969,046 Silver X Shares being issued to MMTP shareholders. In connection with the Transaction the Company also issued a finder's fee of 1,250,000 Silver X Shares to an arm's-length third party.

As part of the closing of the Transaction, the previously issued 23,649,286 subscription receipts of MMTP Finco Inc. ("Finco"), a wholly-owned subsidiary of Latitude Silver, which were issued pursuant to a private placement financing completed on April 16, 2021, each converted into one common share of Finco (the "Finco Shares"). In connection with the Transaction, the Company issued 23,649,286 Silver X Shares in exchange for the Finco Shares and the net proceeds of the financing of $13,209,890 were released to Silver X.

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