Silver X Mining Announces Upsize to Private Placement

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

VANCOUVER, BC / ACCESSWIRE / April 5, 2024 / SILVER X MINING CORP. (TSX-V:AGX)(F:AGX) ("Silver X" or the "Company") is pleased to announce that, as a result of demand, it has increased the size of its previously announced non-brokered private placement of Units (see new releases March 21, 2024 and April 4, 2024). Silver X will now raise aggregate gross proceeds of up to C$5,000,000 at $0.18 per unit (the "Private Placement").

Each Unit will consist of one common share (a "Share") and one half of one Share purchase warrant (a "Warrant") with each whole Warrant entitling the holder to purchase one Share of the Company at a price of $0.30 per Share for a period of 36 months from the date of closing of the Private Placement (the "Closing Date").

Proceeds of the Private Placement will be used for capital expenditures and exploration related to the Nueva Recuperada Silver District in Peru (the "Project") and potential acquisitions of assets.

Silver X may pay finder's fees of 6 per cent cash and 6 per cent finder's warrants on some portion of the gross proceeds of the Private Placement to certain arms-length parties who assist the Company in introducing subscribers to the Private Placement. The securities issued under the Private Placement will be subject to a hold period under applicable securities laws in Canada expiring four months and one day from the closing date of the Private Placement. Closing of the Private Placement is subject to receipt of all necessary regulatory approvals including final acceptance of the TSX Venture Exchange.

CEO, Jose Garcia, and Vice President, Corporate Development, Sebastian Wahl, (the "Insiders") have each expressed an interest in participating the Private Placement. The participation by the Insiders of the Company in the Private Placement constitutes a related party transactions within the meaning of TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Such participation is exempt from the formal valuation and minority shareholder approval requirements in sections 5.5(a) and 5.7(1)(a), as neither the fair market value of the securities issued, nor the fair market value of the consideration for the securities issued exceeds 25% of the Company's market capitalization as calculated in accordance with MI 61-101. A material change report in connection with the Offering will be filed less than 21 days before the closing of the Offering. This shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Offering in a timely manner.