TORONTO, ON/ACCESSWIRE/November 8, 2022/PPX Mining Corp. (there “Company” Where “PPX“) announces that it has entered into binding covenants with certain arm’s length and non-arm’s length creditors of the Company to settle $2,194,017 of outstanding debt (the “Debt settlement“) by issuing ordinary shares of the Company (“Ordinary actions“). Recognizing the need to preserve capital and improve the working capital of the Company, the Company has agreed to issue an aggregate of 108,700,842 common shares at a deemed issue price of C$0.0273 (US$0.02) per common share pursuant to debt settlement, representing a Premium of 36.5% over today’s closing price.

The debt settlement is subject to the approval of the TSX Venture Exchange (the “Swap“) and the execution of definitive debt settlement agreements. All common shares to be issued will be subject to a hold period expiring on the date that is four months and one day after the date of issue, in accordance with the laws on applicable securities and exchange policies.

After the transaction, one of the creditors under the debt settlement will own approximately 33.5% of the common shares and will therefore be a controlling person of the Company, as defined in the policies of the Exchange. Accordingly, the issuance of common shares to this creditor is subject to disinterested shareholder approval.

The participation of certain creditors in the settlement of the debt constitutes “related party transactions” within the meaning of the multilateral instrument 61-101 – Protection of holders of minority securities in special transactions (“MI 61-101The Company relies on the exemptions from formal valuation and minority shareholder approval under NI 61-101 with respect to the participation of such creditors in the debt settlement, relying on sections 5.5(g) and 5.7(1)(e)) of NI 61-101, respectively, as the Company considers that it meets the requirements set forth in NI 61-101 The directors of the Company have approved the debt settlement , the interested directors declaring their interest and abstaining from voting on the resolutions by consent No materially contrary opinion or abstention has been expressed or made by any director of the Company in this regard.

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 gold belt of northern Peru, in the eastern department of La Libertad.

On behalf of the Board of Directors
Brian Imrie
Executive Chairman

82 Richmond Street East, Toronto,
M5C 1P1, Ontario, Canada
416-361-0737

Neither the 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.

Caution :

This press release contains forward-looking information and forward-looking statements (collectively, “forward-looking statements“) as defined by applicable securities laws, including, but not limited to, statements regarding the completion of debt settlement, the expected effect on Company securities held by creditors, shareholder approval and regulatory approval of the debt settlement. 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”, “could”, “could”, “should” or “will” take or will occur, or other similar expressions. statements are subject to a number of known and unknown risks and uncertainties, many of which involve factors or circumstances beyond the Company’s control, and the Company’s actual results could differ materially from those stated or implied. referred to in forward-looking statements. ments due to many different factors. These uncertainties and risks include, among others, delays in obtaining or the inability to obtain required regulatory and shareholder approvals in connection with the 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 occur or occur. The timing of events and circumstances and the actual results could differ materially from those projected in the forward-looking statements. Accordingly, undue reliance should not be placed 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 publicly update or revise any forward-looking statements, whether as a result of new information , future events or otherwise, except as required by law.

THE SOURCE: PPX Mining Corp.