Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF). said it has closed a non-brokered private placement of 4,545,456 flow-through shares at a price of C$0.22 each, raising gross proceeds of C$1 million.
The net proceeds from the offering, originally announced on October 22, 2021, will be used for Ximen Mining's exploration expenses at its mineral properties in British Columbia, the company's president, CEO and director, Christopher R. Anderson, said in a statement.
Each flow-through share consists of one qualifying common share, as defined in subsection 66(15) of the Income Tax Act, and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional non-flow-through common share at an exercise price of C$0.35 per share.
READ: Ximen Mining closes recently announced financings
Ximen Mining paid a cash commission of C$70,000 and issued 318,182 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for 3 years from closing with an exercise price of C$0.22. All securities issued in connection with the flow-through offering will be subject to a hold period expiring February 26, 2022. The closing of this private placement financing is subject to final Toronto Venture Exchange (TSX-V) approval.
Additionally, the company announced that it has arranged a further non-brokered private placement of 1,818,182 flow-through shares also at a price of C$0.22 cents per share for gross proceeds of C$400,000. As with the earlier placement, each flow-through share consists of one common qualifying share and one transferable common share purchase warrant. Each warrant entitles the holder to purchase, for a period of 36 months from the date of issue, one additional non-flow-through common share of the Issuer at an exercise price of C$0.35 per share.
The net proceeds from the offering will also be used as exploration expenses at the company’s British Columbia mineral properties.
In line with TSX-V policies, a finder’s fee may be paid to eligible finders. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing, and the offering and payment of finders’ fees are both subject to approval by the TSX-V.