Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF). said it closed a non-brokered private placement originally announced on October 12, raising gross proceeds of $400,004 from the sale of 1,818,200 flow-through shares at $0.22 each.
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.
It said it also closed the final tranche of a private placement first announced on October 4 for gross proceeds of $200,000, also targeted for exploration expense and general working capital. The closing is subject to final TSX-V approval, the company added.
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Under the October 12 placement, Ximen said each flow-through share consists of a common share and one-half transferable common shares purchase warrant. Each whole warrant will entitle the holder to purchase an additional common share at C$0.35 for 36 months from the date of issue. However, the term of the warrants may be accelerated if its shares trade at or above $.055 for 10 consecutive days.
In the October 4 private placement, 1,000,000 units were issued for the final tranche. Each unit consists of one common share at $0.20 per share and one transferable common share purchase warrant, entitling the holder to purchase, for 36 months from the date of issue, an additional common share at an exercise price of $0.35 per share.
The term of the warrants may be accelerated if its shares trade at or above $0.45 for 10 days in a row.
Ximen said its president and CEO Christopher Anderson participated in the non-flow-through offering, constituting a related party transaction under TSX-V policy.
Ximen Mining owns 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 mine. The company has also acquired control of the Kenville Gold mine near the Nelson-Ymir-Salmo area in British Columbia.
Contact the author at stephen.gunnion@proactiveinvestors.com