CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) has announced the exercise of 3,320,000 warrants at $0.10 per share, generating $332,000 in proceeds, and the conversion of $190,000 in debentures into 1,520,000 common shares at $0.125 per share. The company, which is advancing the historic Clayton Silver Mine in Idaho, views this financial support as a strong vote of confidence from management, directors, and shareholders.
Jan Alston, President and CEO of CMX, stated in a recent article that the exercise of warrants and conversion of debentures demonstrates confidence in the company's plan to advance the Clayton Silver project. Alston noted that this kind of support over the past decade has positioned CMX to capitalize on the current precious metals bull market, which he believes is still in its early stages.
The Clayton Silver Property, 100% owned by CMX, is located in mining-friendly Idaho and comprises approximately 684 acres in Custer County. The property includes the former Clayton silver-lead-zinc mine, which was developed on eight levels to a depth of 1,100 feet below surface, with about 19,690 feet of underground development. Two major ore bodies, the South Ore Body and the North Ore Body, were partially mined historically.
The fresh capital comes as silver prices have shown strength, with the precious metal often benefiting from economic uncertainty and inflation concerns. For CMX, the funding provides a runway to advance exploration and development work at the Clayton Silver Mine, potentially unlocking value from the partially mined ore bodies.
Investors can follow the latest news and updates relating to CXXMF in the company's newsroom at https://ibn.fm/CXXMF. The full article discussing the warrant exercise and debt conversion is available at https://ibn.fm/9RZx1.
This announcement underscores the importance of insider support for junior mining companies, especially in a rising precious metals market. The ability to raise funds through warrant exercises and debt conversions without diluting existing shareholders at current market prices is a positive signal for the company's future prospects.
