Ximen Mining Announces Financing

Rhea-AI Summary

Ximen Mining Corp. (OTCQB:XXMMF) announced a non-brokered private placement of 8 million units priced at $0.09 each, aiming to raise gross proceeds of $720,000. Each unit consists of one common share and a purchase warrant, exercisable at $0.20 for 60 months. If shares trade at $0.25 for 10 consecutive days, the warrants may be accelerated. The funds will be used for exploration of mineral properties in British Columbia and general working capital. The closing is anticipated around January 31, 2023, subject to TSX Venture Exchange approval. The offering is restricted to a four-month hold period.

Positive

• Raising $720,000 from a non-brokered private placement.
• Warrants have an exercise price of $0.20, potentially beneficial for future financing.
• Funds allocated for exploration expenses may enhance future revenue potential.

Negative

• Shares must reach $0.25 to accelerate warrants, which could indicate current pricing pressure.
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VANCOUVER, BC / ACCESSWIRE / January 26, 2023 / 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 $0.09 per unit for gross proceeds of $720,000. 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 $0.20 per share. The term of the warrants may be accelerated if the issuer's shares trade at or above a price of $0.25 per share for a period of 10 consecutive days. In such case of accelerated warrants, the issuer may give notice, in writing or by way of news release, to the subscribers that the warrants will expire 30 days from the date of providing such notice.

A finder's fee may be paid to eligible finders in accordance with 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. There is no material fact or material change of the Company that has not been generally disclosed.

The Company anticipates closing on/or about January 31, 2023.

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.

This press release includes certain statements that may be deemed "forward-looking statements" within the meaning of Canadian securities legislation. All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

Ximen Mining Corp.
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900

SOURCE: Ximen Mining Corp.

View source version on accesswire.com:
https://www.accesswire.com/736893/Ximen-Mining-Announces-Financing

FAQ

What is the recent financing announcement from Ximen Mining Corp. (XXMMF)?

Ximen Mining Corp. announced a private placement to raise $720,000 by issuing 8 million units at $0.09 each.

When does Ximen Mining Corp. expect to close the financing?

Ximen Mining Corp. anticipates closing the financing around January 31, 2023.

How will Ximen Mining Corp. use the proceeds from the financing?

The proceeds will fund exploration expenses on its British Columbia mineral properties and general working capital.

What is the exercise price for the warrants issued by Ximen Mining Corp.?

The exercise price for the warrants is $0.20 per share.