Disseminated on behalf of CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF) and may include paid advertising.
- CMX Gold & Silver Corp., an exploration-stage company advancing the historic Clayton Silver Mine in Idaho, just announced that a total of 3,320,000 warrants were exercised for the purchase of 3,320,000 common shares at $0.10 a share.
- Debentures aggregating $190,000 of principal were also converted into 1,520,000 shares at a conversion price of $0.125 a share.
- 1,520,000 shares were exercised by the settlement of $152,000 of debt, with cash proceeds of $180,000 from the exercise of warrants for 1,800,000 shares applied to working capital.
- CMX’s President and CEO, Jan Alston, noted that this milestone demonstrates the confidence of the company’s management, directors, and supporting shareholders.
CMX (CSE: CXC) (OTC: CXXMF), an exploration-stage company advancing the historic Clayton Silver Mine in Idaho, just announced that a total of 3,320,000 warrants were exercised for the purchase of 3,320,000 common shares of the company at $0.10 a share. In addition, debentures aggregating $190,000 of principal were converted into 1,520,000 shares at a conversion price of $0.125 a share (https://nnw.fm/mqaQG).
“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,” noted Jan Alston, President and CEO of CMX. “This kind of support over the past decade has positioned the company to capitalize on the current precious metals bull market, which in our opinion is still in its early stages,” he added (https://nnw.fm/mqaQG).
The exercised warrants were issued under a private placement completed back in 2021. Of the total issued warrants, 1,520,000 shares were exercised by the settlement of $152,000 of debt, with cash proceeds of $180,000 from the exercise of warrants for 1,800,000 shares applied to working capital.
This marks a key moment for CMX, specifically for its 100%-owned flagship asset, the Clayton Silver property located in the Bayhorse Mining District of central Idaho. It is also timely, given that, beginning in the spring of this year, the company plans to conduct the first comprehensive geophysical program over the mine and its surrounding structures, including a 3-D Direct Current Induced Polarization (“DCIP”) survey and a Magnetotelluric (“MT”) survey. The surveys will delineate known structures, identify extensions of partially mined historic ore bodies, and look for parallel vein systems, as well as potential deeper sources of mineralization. These are important steps preceding diamond drilling planned to test priority targets (https://nnw.fm/TA5BX).
Mining operations at the company’s Clayton Silver property date back to the early 1900’s when Henry Ford owned the claims for the lead production. From 1935 to 1986, operations were continuous, with recorded production over those 50 years totaling approximately 7 million ounces of silver, along with lead, zinc, copper, and minor gold from an estimated 2.15 million tons of ore (https://nnw.fm/NmbMy). Over the next several years, CMX’s management expects to put a sizable investment into its drilling programs to realize the site’s significant untapped potential.
For company information, visit the company’s website at www.CMXGoldandSilver.com.
NOTE TO INVESTORS: The latest news and updates relating to CXXMF are available in the company’s newsroom at https://nnw.fm/CXXMF
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