CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF), an exploration-stage company advancing the historic Clayton Silver Mine in Idaho, 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 transactions generated $180,000 in cash proceeds from warrant exercises, which will be applied to working capital, while $152,000 of debt was settled through share issuance.
President and CEO Jan Alston noted that this milestone demonstrates the confidence of the company’s management, directors, and supporting shareholders. “The exercise of warrants and conversion of debentures demonstrates the confidence of management, directors, and supporting shareholders in CMX’s plan to advance the Clayton Silver project,” Alston said in a statement.
The Clayton Silver Mine, located in Idaho, is a historic silver producer with significant exploration potential. CMX has been focused on advancing the project amid a favorable precious metals market. The recent capital infusion positions the company to capitalize on current market conditions without diluting existing shareholders beyond the already-planned conversions.
For more information on the company and its projects, investors can visit the company’s newsroom at https://ibn.fm/CXXMF. The full details of the warrant exercises and debenture conversions are available in the company’s press release at https://ibn.fm/C4Sni.
This development underscores the ongoing support from insiders and debtholders, which is critical for junior mining companies that often rely on such financing to advance exploration and development activities. With precious metals prices remaining elevated, CMX is well-positioned to leverage its strengthened balance sheet to move the Clayton Silver project forward.
