Silver X Mining Corp. (TSXV: AGX) completed a brokered private placement of secured convertible debentures for gross proceeds of C$69 million, the company announced. The financing included the full exercise of an over-allotment option that increased the total from an initial C$60 million.

The company issued 69,000 debentures at C$1,000 each. Ventum Financial Corp. served as sole agent and bookrunner for the offering, receiving a 6% commission on gross proceeds.

The debentures carry a 10% annual interest rate, payable semi-annually, and mature five years from the closing date. For the first four interest payments, Silver X may choose to pay in cash or common shares. The principal amount converts to common shares at C$1.62 per share at the holder's option.

Silver X plans to use proceeds for development capital expenditures, working capital and general corporate purposes at its Nueva Recuperada Project in Peru. The debentures are secured by a substantial portion of company assets, including subsidiaries' assets placed in two Peruvian trust structures.

"This capital enables us to continue advancing the Nueva Recuperada Project across production expansion, development, and exploration," said CEO José García in a statement.

The offering requires final approval from the TSX Venture Exchange. Securities issued have a four-month statutory hold period under Canadian securities laws from the closing date.

Silver X operates the Nueva Recuperada Project, a 20,795-hectare property with two mining units and production at the Tangana Mining Unit alongside planned restart of the Plata Mine.