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 company also reported that 1,520,000 shares were issued to settle $152,000 of debt, while cash proceeds of $180,000 from the exercise of warrants for 1,800,000 shares were applied to working capital.
“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,” said Jan Alston, President and CEO of CMX, in the announcement (https://ibn.fm/C4Sni). “This kind of support over the past decade has positioned the company to capitalize on the current precious metals market.”
The Clayton Silver Mine, located in Idaho, is a historic silver producer that CMX aims to advance. The company’s recent financial moves strengthen its balance sheet and provide additional working capital to pursue exploration and development activities. With precious metals prices remaining elevated, the timing of these conversions positions CMX to potentially benefit from increased investor interest in silver and gold.
CMX Gold & Silver Corp. trades on the Canadian Securities Exchange under the symbol CXC and on the OTC market under CXXMF. For more information, visit the company’s newsroom at https://ibn.fm/CXXMF.
