Silver Bullet Mines Corp. announced that it has entered into a strategic business agreement with returning investor Countryman Investments Ltd. to issue a convertible debenture at a price of CAD 1,000,000 for the gross proceeds of CAD 1,000,000 on April 8, 2024. The debenture is issuable in tranches of CAD 1,000 with each tranche having 10,000 detachable warrants.

Each warrant has a term of three years and is exercisable at CAD 0.12, CAD 0.14, and CAD 0.16 for years 1, 2, and 3 respectively following the issuance of the debenture. The debenture will have a three year term and interest will run at a rate of 12% per annum, payable semi-annually in arrears during year one and quarterly in arrears during years two and three. Interest will be paid to investors in cash or in common shares of the company.

Each investor at any time can convert its portion of the debenture, in whole or in part, into common shares of the company. The conversion price shall be CAD 0.08 during the first twelve months following issuance of the debenture, CAD 0.10 during the next twelve months of the term of the Debenture and CAD 0.12 during the final twelve months of the term of the Debenture. The company can force conversion of the debenture, in whole or in part, if closing price for its common shares exceeds CAD 0.25 for a period of ten days.

The debenture can be prepaid any time after twelve months from the issuance of the debenture. The debenture is subject to regulatory and board approval.