Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has arranged a non-brokered private placement of 10 million units at a price of $0.15 per unit for gross proceeds of $1.5 million.
The company said the net proceeds from the offering will be used by it for exploration expenses on its British Columbia mineral properties and general working capital.
Each unit consists of one common share and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 24 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.25 per share.
READ: Ximen Mining marks further step in bid to bring the Kenville gold mine in BC back to life
Directors, officers or other insiders of the company may participate in the foregoing offerings. There is no material fact or material change of the company that has not been generally disclosed.
A finder's fee may be paid to eligible finders in accordance to the TSX Venture Exchange (TSX-V) policies.
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. The offering and payment of finders' fees are both subject to approval by the TSX-V.
Ximen Mining owns 100% interest in three of its precious metal projects located in southern British Columbia. Ximen`s two Gold projects The Amelia Gold Mine and The Brett Epithermal Gold Project.
The company 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 a option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project.
Ximen 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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