Silver X Mining Corp. (TSXV:AGX) announced that further to its news release of May 17, 2023, the Company has closed the first tranche of its previously announced non-brokered private placement offering (the 'Offering') with the placement of 4,210,050 units (the 'Units') at a price of $0.30 per Unit for a gross proceeds of $1,263,015. Each Unit consists of one common share (a 'Share') and one Share purchase warrant (a 'Warrant') with each Warrant entitling the holder to purchase one Share of the Company at a price of $0.45 per Share for a period of 24 months from the date of closing of the Private Placement (Closing Date).

The Company intends to use the net proceeds from the Offering for capital expenditures and exploration related to the Nueva Recuperada Silver District in Peru (the 'Project') and potential acquisitions of assets.