Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has closed the private placement previously announced on January 26, 2023, which consisted of 8 million units issued at a price of $0.09 per unit for gross proceeds of $720,000.
The company said the net proceeds from the offering will be used for exploration expenses on its British Columbia mineral properties and for general working capital.
Each unit in the private placement 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 arranges private placement to field exploration expenses at its British Columbia mineral properties
The term of the warrants may be accelerated in the event that 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 news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice.
The company said it paid a cash commission of $1,260 and issued 14,000 finder warrants valid for 60 months to Canaccord Genuity Corp and a cash commission of $3,780 and issued 42,000 finder warrants valid for 24 months to EMD Financial Inc.
All securities issued in connection with the placement closing will be subject to a hold period expiring on June 8, 2023. The closing of the private placement financing is subject to final Toronto Venture Exchange approval.
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