Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has closed the final tranche of the non-brokered private placement originally announced on December 1, 2021, consisting of 320,000 flow-through shares at a price of $0.22 cents per share for gross proceeds of $70,400.00.
The company said the net proceeds from the offering will be used for exploration expenses on its British Columbia mineral properties.
Each flow-through share in the placement 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 first tranche of a non-brokered private placement for gross proceeds of $158,400
All securities issued in connection with the flow-through offering will be subject to a hold period expiring April 30, 2022. The closing is subject to final Toronto Venture Exchange approval.
Christopher Anderson a director and/or officer of the company, participated in the offering constituting a related party transaction.
Ximen Mining also said it has granted 1,000,000 stock options at an exercise price of $0.20. and 1,000,000 Restricted Share Units (RSUs) to its directors, officers, employees and consultants. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the company.
The RSUs are payable in common shares of the company and vest in four equal instalments over one year after the date of the grant. The stock options and the RSUs are not transferable and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.
Ximen Mining owns 100% interest in three of its precious metal projects located in southern British Columbia. Ximen`s two gold projects are The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past-producing Huldra Silver (TSX-V:HDA) Mine.
Currently, the Treasure Mountain Silver Project is under an option agreement. The option partner is 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.
Contact the author at jon.hopkins@proactiveinvestors.com