Ximen Mining Financing

Rhea-AI Summary

Ximen Mining Corp (OTCQB:XXMMF) has announced a non-brokered private placement of 8 million units at $0.07 each, raising gross proceeds of $560,000. Each unit consists of one common share and one purchase warrant, allowing the purchase of additional shares at $0.10 for 60 months. Proceeds will fund exploration in British Columbia and general working capital. Participation by insiders is permitted, and any finder’s fees are subject to TSX-V approval. The securities will have a four-month hold period post-closing.

Positive

• Raised $560,000 through private placement to fund exploration and working capital.
• Each unit includes a warrant for future shares, potentially increasing company capital.
• Participation from insiders may indicate confidence in the company's prospects.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / June 28, 2022 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") Is pleased to announce that it has arranged a non-brokered private placement of 8 million units at a price of $0.07 per unit for gross proceeds of $560,000. 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 60 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.10 per share.

Directors, officers or other insiders of the Company may participate in the foregoing offerings, and such parties may sell securities of the Company owned or controlled by them personally through the facilities of the TSX Venture Exchange to finance participation in such 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 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.

The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties and general working capital.

On behalf of the Board of Directors,

"Christopher R. Anderson"

Christopher R. Anderson,
President, CEO and Director
604 488-3900

Investor Relations:
Sophy Cesar,
604-488-3900,
ir@XimenMiningCorp.com

About Ximen Mining Corp.

Ximen Mining Corp. 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. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver 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. 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.

SOURCE: Ximen Mining Corp.

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https://www.accesswire.com/706737/Ximen-Mining-Financing

FAQ

What is Ximen Mining Corp's recent financing news?

Ximen Mining Corp announced a private placement of 8 million units at $0.07, raising $560,000.

What will the proceeds from Ximen Mining's private placement be used for?

The proceeds will be used for exploration expenses and general working capital.

What are the terms of the warrants included in Ximen Mining's private placement?

The warrants allow purchase of additional shares at $0.10 each for 60 months.

Is insider participation allowed in Ximen Mining's private placement?

Yes, insiders may participate in the private placement.

Are there any restrictions on the securities issued in Ximen Mining's placement?

Yes, the securities will be subject to a hold period of four months and one day after closing.