Silver X raising up to $60 million from debenture offering
Silver X Mining Corp. [AGX-TSXV, AGXPF-OTCQB, AGX-F] has announced details of brokered private placement of up to $60 million aggregate principal amount of secured convertible debentures. In addition, the company has granted the agent an option to increase the size of the offering by up to 15% of the number of convertible debentures. The option can be exercised in whole or in part, at any time up to three business days prior to closing of the offering.
The company’s key asset is a fully permitted 20,795-hectare land package known as the Nueva Recuperada Silver Project in Peru. It has two mining units and over 200 targets.
“This financing, when completed, will provide Silver X with the financial platform we need to advance the Nueva Recuperada property and continue executing on our strategic vision to become a meaningful and competitive silver producer,’’ said Silver X President and CEO Jose Garcia.
The principal amount of the Convertible Debentures will bear interest at a fixed rate of 10.0% annually, payable semi-annually and will mature five years from the closing date. For the first 24 months, the company may elect to pay interest in cash or shares at its sole discretion, and thereafter interest will be paid in cash.
The principal amount of each Convertible Debenture will be convertible at the election of the holder into common shares at a conversion price of $1.62 per common share at any time up to the earlier of (i) the business day preceding the maturity date, and (ii) the date of repayment in full of the principal amount of the Convertible Debentures and all accrued and unpaid interest. Th offering is expected to close on February 18, 2026.
On Tuesday, Silver X shares eased 3.9% or $0.055 to $1.34. The shares trade in a 52-week range of $1.61 and $0.115.
Nueva Recuperada covers a district-scale area within the Huachocolpa mining district, in Huancavelica, containing medium to high-grade silver-rich polymetallic mineralization in epithermal veins.
For logistical and operational reasons, Silver X has separated the portfolio of vein systems on the Nueva Recuperada property into two main units: The producing Tangana Mining Unit in the north and the Plata Advanced Project in the south.
The plant at the Tangana Mining Unit has been in operation for 60 years. After the project was placed on care and maintenance in 2014, Silver X commenced commercial production in January, 2023
The Plata Mining Unit is strategically located just 15 kilometres from the Nueva Recuperada Plant, which provides critical operational logistics and support, including energy, and access to established infrastructure.
Current production at the Tangana Mining Unit is scaling alongside the planned restart of the Plata Mine, supporting a path to 6.0 million silver equivalent ounces annually by 2029, the company has said.
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