PPX Mining Corp. Sees RIVI Convert Debentures to Equity

PPX Mining Corp. has announced a further conversion of its secured convertible debenture by RIVI Opportunity Fund. This conversion, amounting to US$1,216,648.68, is the third exercise of conversion rights by RIVI, resulting in the issuance of approximately 30.42 million common shares of PPX. This follows previous conversions that total US$1.97 million.

In 2023, PPX restructured its financial obligations, consolidating debts into a US$5.40 million debenture with a 5.00% interest rate. RIVI's conversion rights are part of this restructuring, capped to prevent owning over 20% of PPX shares without exchange approval. The debenture’s maturity was extended to December 31, 2026, allowing more financial flexibility.

Ernest Mast, CEO of PPX, expressed satisfaction with this development, noting it reduces debt obligations and highlights RIVI's confidence in PPX's strategic direction and execution. Following the conversion, RIVI holds about 5.46% of PPX's non-diluted shares.