PPX Mining Corp Announces Partial Conversion of Debenture by RIVI Opportunity Fund LP

PPX Mining Corp, a Toronto-based mining company, has reported that RIVI Opportunity Fund LP has converted a significant portion of its secured convertible debenture. The US$500,000 conversion pertains to a restructuring agreement previously established between the two parties concerning gold and silver purchase agreement. This conversion action will see 12.5 million common shares of PPX being issued to RIVI.

The initial amendment to the gold and silver purchase agreement and the issuance of the 5.00% secured convertible debenture totaling US$5.4 million was made to address past financial obligations. Following various approvals and a partial pre-payment of the principal by PPX Mining Corp, RIVI executed its right to convert part of the debenture at US$0.04 per share provided it does not exceed a control limit without additional approvals. This recent financial interaction further reduces the debenture's outstanding principal amount to US$3,899,946.

Brian Imrie, the Executive Chairman of PPX, expressed his satisfaction with RIVI's decision, viewing it as a strong endorsement of PPX and beneficial for the company’s financial health.