CMX Gold & Silver Corp. (CSE: CXC) (OTC: CXXMF), an exploration-stage company advancing the historic Clayton Silver Mine in Idaho, recently announced the exercise of 3,320,000 warrants 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. This financial activity underscores continued support from management, directors, and shareholders.
“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,” noted Jan Alston, President and CEO of CMX. “This kind of support over the past decade has positioned the company to capitalize on the current precious metals bull market, which in our opinion is still in its early stages,” he added.
The Clayton Silver Property, 100%-owned by CMX, is located in the mining-friendly state of Idaho, USA. The property comprises approximately 684 acres in Custer County, including the former Clayton silver-lead-zinc mine. The mine was developed on eight levels to a depth of 1,100 feet below surface, with approximately 19,690 feet of underground development. Two major ore bodies, the “South Ore Body” and the “North Ore Body,” were partially mined.
The capital raised through these transactions will be used to further advance the project. The company believes that the precious metals bull market is still in its early stages, providing a favorable environment for silver exploration and development. The influx of funds from insider exercises and conversions signals strong belief in the project’s potential.
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