Toronto – February 17, 2023 – PPX Mining Corp. (the “Company” or “PPX”) is pleased to announce that further to its press release dated January 18, 2023, the Company has issued 7,306,425 common shares of the Company (each, a “Debt Share”), at a deemed issue price of US$0.02 (C$0.0273) per Debt Share, as settlement of outstanding debt in the amount of US$146,128.50 (C$199,465.41) (the “Debt Settlement”) that was owed by the Company to an arm’s length creditor (the “Creditor”). The Company received the approval of the TSX Venture Exchange (the “Exchange”) to the Debt Settlement. The Debt Shares are subject to a hold period expiring on June 18, 2023, in accordance with applicable securities laws and the policies of the Exchange. The remainder of the outstanding debt owing by the Company to the Creditor will be settled in staged cash payments, as further described in the press release of the Company dated January 18, 2023.
The Company also announces that it has entered into a debt settlement agreement dated February 16, 2023 with a former director of the Company (the “Former Director”) to settle the outstanding debt owed by the Company for a loan of US$50,000 advanced by the Former Director to the Company. The principal amount of the debt of US$50,000 (C$68,250) will be settled in staged cash payments and the interest accrued on the principal amount at a rate of 12% per annum in the total amount of US$27,032 (C$36,042) will be settled by the Company issuing 1,320,220 Debt Shares, at a deemed issue price of US$0.02 (C$0.0273) per Debt Share, to the Former Director (the “Loan Debt Settlement”). The Loan Debt Settlement is subject to the approval of the Exchange. The Debt Shares to be issued to the Former Director will be subject to a hold period expiring on the date that is four months and one day after the date of issuance, in accordance with applicable securities laws and the policies of the Exchange.
About PPX Mining Corp:
PPX Mining Corp. (TSX.V: PPX.V, BVL: PPX) is a Canadian-based mining company with assets in northern Peru. Igor, the Company’s 100%-owned flagship gold and silver project, is located in the prolific Northern Peru gold belt in eastern La Libertad Department.
On behalf of the Board of Directors
82 Richmond Street East, Toronto,
M5C 1P1, Ontario, Canada
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements”) as such terms are defined by applicable securities laws, including, but not limited to statements regarding the settlement of outstanding debt owing to the Creditor and the Former Director. Forward-looking statements are statements that relate to future events. In this context, forward-looking statements often address expected future business and financial performance and often contain words such as “anticipate,” “believe,” “plan,” “estimate,” “expect,” and “intend,”, statements that an action or event “may,” “might,” “could,” “should,” or “will” be taken or occur, or other similar expressions. Forward-looking statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances that are beyond the Company’s control, and the Company’s actual results could differ materially from those stated or implied in forward-looking statements due to many various factors. Such uncertainties and risks include, among others, delays or inability to obtain the necessary cash to settle the outstanding debt owing to the Creditor and the Former Director and the inability to obtain regulatory approval in connection with the Loan Debt Settlement. Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, the Company cannot guarantee that the events and circumstances reflected in the forward-looking statements will be achieved or occur. The timing of events and circumstances and actual results could differ materially from those projected in the forward-looking statements. Accordingly, one should not place undue reliance on forward- looking statements. All forward-looking statements contained in this press release are made as of today’s date, and the Company undertakes no obligation to update or publicly revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless required by law.