PPX Mining Announces Debt Conversion and Interest Settlement

PPX Mining Corp. has announced that RIVI Opportunity Fund LP has opted to convert the remaining US$2.4 million principal of its convertible debenture into 60,832,433 common shares at US$0.04 per share. This move eliminates the outstanding debenture, enhancing PPX's financial standing. Additionally, PPX and RIVI agreed on a shares-for-debt transaction, issuing 5,993,342 common shares at C$0.165 each to settle US$653,357.88 in interest. CEO Ernest Mast highlights this as a significant milestone, strengthening PPX's position to advance projects like the Igor Project.

John Menzies, RIVI's Managing Partner, affirmed confidence in PPX's growth prospects, noting the company's transformation post-2023 restructuring. Following these transactions, RIVI's stake will increase to approximately 11.88% of PPX's shares. The transactions are subject to regulatory approvals, including TSX Venture Exchange consent.