Ximen Mining Corp (TSX-V:XIM, OTCQB:XXMMF) said it has closed the first tranche and second tranche of the private placement previously announced on April 1, 2022, for gross proceeds of $1,322,510.
The company said the net proceeds from the offering will be used for exploration expenses on its British Columbia (BC) mineral properties and general working capital.
The first and second tranches of the non-brokered private placement consisted of 8,816,733 units at a price of $0.15 per unit. 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 arranges non-brokered private placement of 10 million units for gross proceeds of $1.5 million
The first tranche totaled 6,966,733 shares and the company paid a cash commission of $1,417.50 and issued 9,450 broker warrants to Canaccord Genuity (TSX:CF, LSE:CF) Corp and a cash commission of $875.00 and issued 5,833 broker warrants to PI Financial Corp and a cash commission of $10,500. and issued 70,000 broker warrants to Glores Securities Inc. The broker warrants have the same terms as the private placement warrants. All securities issued in connection with the first tranche closing will be subject to a hold period expiring on August 14, 2022.
The second tranche totaled 1,850,000 shares and the company paid a cash commission of $6,825.00 and issued 45,500 broker warrants to Haywood Securities Inc. The broker warrants have the same terms as the private placement warrants. All securities issued in connection with the second tranche closing will be subject to a hold period expiring on August 15, 2022.
Closing of the first and second tranches of the private placement financing is subject to final Toronto Venture Exchange( TSX-V) approval
Christopher Anderson a director and/or officer of the company, participated in the offering constituting a related party transaction under TSX-V policy.
Ximen Mining owns 100% interest in three of its precious metal projects located in southern BC. 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.
Contact the author at jon.hopkins@proactiveinvestors.com