Silver X Mining Corp. Announces a $60 million Convertible Debenture Offering
On 27 January 2026, Silver X Mining Corp. (TSX‑V: AGX) revealed its intent to raise up to C$60 million through a brokered private placement of secured convertible debentures. The company has appointed Ventum Financial Corp. as sole agent and bookrunner, engaging a “best‑efforts” approach to the offering. The debentures carry a fixed 10.0 % annual interest rate, payable semi‑annually, and will mature five years from the closing date. For the first 24 months the issuer may elect to pay interest in cash or shares; thereafter, interest will be paid in cash. Each debenture is convertible at the holder’s discretion into common shares at a conversion price of C$1.62 per share, effective up to the business day preceding maturity or until full repayment of principal and accrued interest.
The agent has an option to expand the offering by up to 15 % of the principal amount, exercisable within three business days prior to closing, potentially raising the total issuance to C$69 million. The structure provides Silver X with a flexible capital stack: the debt can be converted into equity at a price that reflects current market conditions, while the high interest rate compensates investors for the credit risk inherent in a junior mining firm.
Silver X’s current market cap sits at approximately C$383 million, with a closing price of C$1.32 on 27 January. The stock has experienced a volatile year, trading as low as C$0.12 in April 2025 and reaching a 52‑week high of C$1.61 in late January. The company’s price‑earnings ratio is negative at –124.5, underscoring the limited earnings generated by a resource exploration enterprise that still relies heavily on future discoveries.
The capital raise aligns with Silver X’s recent operational developments. On 26 January, the firm announced an extension of the Blenda Rubia mineralization to 160 metres below historic workings, indicating ongoing exploration progress that could unlock additional silver resources. The additional funding will support drilling, assay work, and the potential expansion of the Blenda Rubia project, positioning Silver X to capitalize on favorable commodity prices.
Investors will now weigh the appeal of a high‑yield convertible instrument against the company’s exploratory stage and the risks associated with a junior mining company. The offering’s terms—particularly the 10 % coupon and the C$1.62 conversion price—suggest that Silver X is positioning itself as an attractive vehicle for those willing to accept a higher risk profile in pursuit of upside potential.
