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Ximen Mining Corp (2)
Symbol XIM
Shares Issued 78,062,861
Close 2021-10-12 C$ 0.22
Recent Sedar Documents

Ximen Mining receives approval for Providence drilling

2021-10-12 16:39 ET - News Release

Mr. Christopher Anderson reports

XIMEN MINING RECEIVES DRILL PERMIT APPROVAL FOR SILVER PROJECT IN GREENWOOD - HISTORIC MINING CAMP - GREENWOOD BC

Ximen Mining Corp. has received approval for exploration drilling on the Providence property near Greenwood in southeastern British Columbia.

The Providence multiyear area-based permit approval for this year will allow four new drill sites. Multiple holes can be drilled from each of the sites, so the permit allows for approximately 1,600 metres to be drilled this year.

Ximen's Providence property adjoins the historic Providence mine, for which B.C. Minfile records indicate 1,368,075 ounces of silver, 5,896 ounces of gold, 402,690 pounds lead and 260,086 pounds of zinc were recovered from 10,426 tonnes mined.

Ximen received significant results for drill holes 2 and 3 on the property, including 147.25 grams per tonne silver over one metre in hole 20-02 (96.47 to 97.47 metres), and 94.9 grams per tonne silver over 0.83 metre in hole 20-03 (111.73 to 112.76 metres) as previously announced in a news release dated Feb. 22, 2021. Drill holes planned for this year will follow up these intercepts, located northeast of the historic Providence silver mine.

Readers are cautioned that historical information including assay results referred to in this news release have been examined but not verified by a qualified person. Further work is required to verify that historical records referred to in this news release are accurate.

Dr. Mathew Ball, PGeo, vice-president of exploration for Ximen Mining and a qualified person as defined by National Instrument 43-101, approved the technical information contained in this news release.

The company has arranged a non-brokered private placement of 4,545,455 flow-through shares at a price of 22 cents per share for gross proceeds of $1-million. Each flow-through share consists of one common share that qualifies as a flow-through share as defined in Subsection 66(15) of the Income Tax Act and one-half transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional non-flow-through common share of the issuer at an exercise price of 35 cents per share. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of 55 cents 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 20 days from the date of providing such notice.

The net proceeds from the offering will be used by the company for exploration expenses on the company's B.C. mineral properties.

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 company has closed the first and second tranches of the non-brokered private placement first announced on Oct. 4, 2021, for gross proceeds of $300,000. A total of one million units were issued for the first tranche and 500,000 units for the second tranche. Each unit consists of one common share at a price of 20 cents per share and one transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional common share of the issuer at an exercise price of 35 cents per share. The term of the warrants may be accelerated in the event that the issuer's shares trade at or above a price of 45 cents 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 20 days from the date of providing such notice. The hold expiry date for the first tranche is Feb. 8, 2022, and the second tranche is Feb. 9, 2022. No finders' fees were paid on these tranches.

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. The closing of the first tranche of the private placement financing is subject to final TSX-V approval.

About Ximen Mining Corp.

Ximen Mining owns 100-per-cent interest in three of its precious metal projects located in Southern British Columbia. Ximen's two gold projects are 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 an option agreement. The option partner is making annual staged cash and stocks payments as well as financing the development of the project. The company has also acquired control of the Kenville gold mine near Nelson, B.C., which comes with surface and underground rights, buildings and equipment.

Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the United States under the symbol XXMMF, and on the Frankfurt, Munich and Berlin stock exchanges in Germany under the symbol 1XMA and WKN, with the number as A2JBKL.

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