Silver Bullet Mines Corp (SBMI) announced that buyers of its silver products have entered into agreements to pay the company $225,000 in advance for the first delivery of silver.

Resource Jr. said the conditional convertible bond will only secure the advance payment if SBMI does not deliver the $225,000 silver to the purchaser within 60 days of receiving the $225,000 advance payment.

SBMI will accrue interest at a rate of 3% per month for a period of one month on the unpaid principal amount, while the principal amount of the Notes will decrease as SBMI delivers silver to the purchaser, and that interest will accrue at a rate of 30 days. I noticed that it started happening later.

The obligation to pay interest expires after 60 days if the interest is converted into bonds or if SBMI delivers $225,000 worth of silver to the purchaser, he added.

SBMI previously announced orders for 50 kilograms (kg) of silver from buyers, which have since been increased to 500 kg (17,600 oz) of silver.

According to the company, the purchaser has indicated an intention to purchase 17,600 ounces of silver per month from SBMI for the foreseeable future, and SBMI management reasonably believes it has the ability to fulfill such monthly orders. increase.

Further, SBMI said the funds will be advanced by the purchaser and used for working capital purposes shortly after SBMI obtains regulatory approval for the notes.

Silver Bullet Mines has projects in the western United States. The company’s flagship Black Diamond project is located at the Miami Grove Copper Camp in Gila County, Arizona, centered in the Richmond Basin. The property covers nearly 5,000 acres and has hosted several underground primary silver mines that have produced in the past.

Please contact Sean@proactiveinvestors.com.