Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) revealed that it has arranged a non-brokered private placement of 8 million units at $0.09 per unit for gross proceeds of $720,000.
The Vancouver-based junior precious metals explorer said the net proceeds from the offering will be used for exploration expenses on its British Columbia mineral properties and as general working capital.
Ximen said each unit consists of one common share and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 60 months from the date of issue, one additional common share of the issuer at an exercise price of $0.20 per share.
READ: Ximen Mining makes progress with permits for Kenville Gold Mine in British Columbia
The term of the warrants may be accelerated if the issuer's shares trade at or above a price of $0.25 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of a news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice.
A finder's fee may be paid to eligible finders in accordance with the TSX Venture Exchange (TSX-V) policies, said the company.
All securities issued following the offering will be subject to a hold period of four months and one day from the date of closing. The offering and payment of finders' fees are both subject to approval by the TSX-V.
The company expects the closing on, or around January 31, 2023.
Ximen Mining owns a 100% interest in three of its precious metal projects located in southern British Columbia. Ximen's portfolio also boasts the historic Cariboo-Amelia gold mine in Camp McKinney and the Brett epithermal gold project. Ximen also owns the Treasure Mountain silver project, which is adjacent to the past producing Huldra Silver (TSX-V:HDA) mine. The company has also acquired control of the Kenville Gold mine near the Nelson-Ymir-Salmo area in British Columbia.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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