CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) announced that a total of 3,320,000 warrants were exercised for the purchase of 3,320,000 common shares at $0.10 per share. Additionally, debentures aggregating $190,000 of principal were converted into 1,520,000 shares at a conversion price of $0.125 per share. The company also settled $152,000 of debt through the issuance of 1,520,000 shares, while cash proceeds of $180,000 from warrant exercises will be applied to working capital.
This development is significant as it positions CMX to capitalize on the current precious metals market. The company is advancing the historic Clayton Silver Mine in Idaho, and the infusion of funds from warrant exercises and debenture conversions provides necessary capital for exploration and development activities. President and CEO Jan Alston noted that this milestone demonstrates the confidence of management, directors, and supporting shareholders in the company’s plan to advance the Clayton Silver project. The support over the past decade has positioned CMX to move forward with its objectives.
The Clayton Silver Mine is a historic silver producer, and CMX is focused on evaluating its potential for renewed production. With silver prices showing strength due to industrial demand and monetary uncertainty, the timing of this capital raise could be advantageous. The company's ability to attract investment through warrant exercises and debt conversions indicates that stakeholders see value in the project’s prospects.
Investors can find the latest news and updates relating to CXXMF in the company’s newsroom at https://ibn.fm/CXXMF. More details on the warrant and debenture conversions are available at https://ibn.fm/C4Sni.