Silver X Mining Announces Closing of Final Tranche of Upsized Non-Brokered Private Placement to Complete its $5,000,000 Offering

VANCOUVER, BC / ACCESSWIRE / April 12, 2024 / SILVER X MINING CORP. (TSX-V:AGX)(F:AGX) ("Silver X" or the "Company") announces that it has closed the second and final tranche of its previously announced non-brokered private placement offering (the " Private Placement ") with the placement of 21,621,577 units (the "Units") at a price of $0.18 per Unit for gross proceeds of $3,891,884. On April 4, 2024, the Company announced the closing of the first tranche of the Private Placement with proceeds of $1,108,116. In total, the Company has placed 27,777,776 units for aggregate gross proceeds of $5,000,000.

Each Unit consists 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.

All securities issued and issuable in connection with the second tranche closing of the Private Placement are subject to a statutory hold period expiring on August 13, 2024. Closing of the Private Placement is subject to receipt of all necessary regulatory approvals including final acceptance of the TSX Venture Exchange.

Under the second tranche of the Private Placement, the Company paid fees to eligible finders consisting of (i) $52,153.65 in cash and (ii) 272,963 finder's warrants (the "Finder's Warrants) exercisable into one Share at a price of $0.30, and (iii) 16,668 Finder's Warrants exercisable into one Share at a price of $0.18. The Finder's Warrants are exercisable for a period of 36 months from the Closing Date.

CEO, Jose M. Garcia, and Vice President, Corporate Development, Sebastian Wahl, (the "Insiders") have each participated for a total of approximately $2,273,009 worth of Units in the second tranche of 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 Private Placement will be filed less than 21 days before the closing of the Private Placement. This shorter period was reasonable and necessary in the circumstances as the Company wished to complete the Private Placement in a timely manner.