Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has arranged a strategic investment of just over C$2.5 million at a 42.5% premium to the firm’s current share price.
The private placement came via the issuance of 8,893,635 charity flow-through shares and are priced at $0.285 per share for total gross proceeds of $2,534,686.
Ximen said it plans to use the proceeds to explore its British Columbia mineral properties.
READ: Ximen Mining hits 'significant' gold values with two holes at its Wild Horse property in British Columbia
The Vancouver-based company told investors it is prepared for an “active” exploration season this year with several drill permits in place.
Recently added to the company's permitted properties for drilling include the Amelia gold mine, Wild Horse gold belt, and the Bud-Elk gold copper property.
Also in the pipeline for drilling are the Providence silver and gold project, the California gold mine, the Star gold property and Venus & Juno gold mine and the Brett epithermal gold property.
Ximen is also conducting work at its Kenville gold mine project.
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