Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has closed the first tranche of a non-brokered private placement originally announced on October 29, 2021, consisting of 831,818 flow-through shares at a price of $0.22 cents per share for gross proceeds of $183,000.00.
The net proceeds from the offering will be used by the company for exploration expenses on its British Columbia mineral properties.
Each flow-through share in the offering consists of one common share that qualifies as a "flow-through 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 of the Issuer at an exercise price of C$0.35 per share.
READ: Ximen Mining closes non-brokered private placement for gross proceeds of C$1M; arranges another placement for C$400,000
The company said it paid a cash commission of $6,545.00 and issued 29,750 finders warrants to Haywood Securities Inc in connection with the offering. The finder warrants are valid for three years from closing with an exercise price of $0.35.
All securities issued in connection with the flow-through offering will be subject to a hold period expiring March 10, 2022.
The closing of the private placement financing is subject to final Toronto Venture Exchange (TSX-V) approval.
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