Latitude Silver and Silver X Mining complete business combination

23 June 2021

On June 23, 2021, Peruvian mining company Mines and Metals Trading (Peru) PLC ("MMTP", also commercially known as "Latitude Silver") and Silver X Mining Corp. (TSXV: AGX) (OTC PINK: WRPSF) ("Silver X" or the "Company", formerly "Oro X Mining") announced that they had closed their previously announced business combination (the "Transaction"), pursuant to which Silver X acquired all of MMTP's issued ordinary shares in exchange for common shares of Silver X at an exchange ratio of 28.828 Silver X shares for each MMTP share. 

As part of the closing of the Transaction, subscription receipts of MMTP Finco Inc., a wholly-owned subsidiary of Latitude Silver, which were issued pursuant to a private placement financing completed on April 16, 2021, each converted into one common share of Finco. In connection with the Transaction, the Company issued 23,649,286 Silver X shares in exchange for the Finco shares and the net proceeds of the financing of $13,209,890 were released to Silver X.

Gowling WLG advised MMTP with respect to the business combination and associated financing with a team that included Ian Mitchell, France Tenaille, Tara Amiri, Raymond Ong and Ethan Chang.

NOT LEGAL ADVICE. Information made available on this website in any form is for information purposes only. It is not, and should not be taken as, legal advice. You should not rely on, or take or fail to take any action based upon this information. Never disregard professional legal advice or delay in seeking legal advice because of something you have read on this website. Gowling WLG professionals will be pleased to discuss resolutions to specific legal concerns you may have.