Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has closed the first tranche of a non-brokered private placement originally announced on December 1, 2021, consisting of 720,000 flow-through shares at a price of $0.22 cents per share for gross proceeds of $158,400.
Each flow-through share 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.
The net proceeds from the offering will be used by the company for exploration expenses on its British Columbia mineral properties.
READ: Ximen Mining secures drill permit for the Providence silver project in BC
The company said it paid a cash commission of $1,540. and issued 7,000 finders warrants to Haywood Securities Inc. The finder warrants are valid for three years from closing with an exercise price of C$0.35. All securities issued in connection with the flow-through offering will be subject to a hold period expiring April 11, 2022. The closing of the private placement financing is subject to final Toronto Venture Exchange approval.
Ximen Mining owns 100% interest in three of its precious metal projects located in southern British Columbia.
The company owns two gold projects - The Amelia Gold Mine and The Brett Epithermal Gold Project - and also owns the Treasure Mountain Silver Project adjacent to the past-producing Huldra Silver (TSX-V:HDA) Mine which is currently under an option agreement, with the option partner making annual staged cash and stocks payments as well as funding the development of the project.
The company has also acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.
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