Mr. Christopher Anderson reports
XIMEN ANNOUNCES CONVERTIBLE DEBENTURE FINANCING OF $1,000,000
Ximen Mining Corp. has arranged an offering of convertible debentures to raise the aggregate amount of up to $1-million. Pursuant to the terms of the debentures, the subscribers may convert all or part of the principal amount outstanding under the debentures into units comprising one common share of the company and one share purchase warrant of the company. The debenture may be converted into units over a five-year period at the rate of five cents per unit in the first year and 10 cents per unit thereafter. Each warrant will have an exercise term of two years. For any units resultant from the conversion of a debenture within the first year, such units shall comprise warrants having an exercise price of five cents per common share. For any units resultant from the conversion of a debenture after the first year, such units shall comprise warrants having an exercise price of 10 cents per common share.
The debentures shall have a maturity date of the fifth anniversary of the issuance date and bear an interest rate of 10 per cent per annum, payable annually in units of the company at the unit price and warrant exercise price determined as at the date of announcement of settlement of the interest accrued to such announcement date.
The debentures shall be secured against the company's interest in certain mineral tenures comprising a portion of the Brett gold property. The use of proceeds from the offering shall be used for property payments and for general working capital purposes. There are no finders' fees payable.
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