Mr. Christopher Anderson reports
XIMEN MINING CORP. CLOSES FINANCING
Ximen Mining Corp. has closed the final tranche of the non-brokered private placement originally announced on Dec. 1, 2021, consisting of 320,000 flow-through shares at a price of 22 cents per share for gross proceeds of $70,400. 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 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 net proceeds from the offering will be used by the company for exploration expenses on the company's B.C. mineral properties.
All securities issued in connection with the flow-through offering will be subject to a hold period expiring April 30, 2022. The closing of this private placement financing is subject to final TSX Venture Exchange approval. This flow-through private placement, originally announced on Dec. 1, 2021, is now closed.
Christopher Anderson, a director and/or officer of the company, participated in the offering, constituting a related-party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions. The company relied on Section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and on Section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the transaction did not exceed 25 per cent of the company's market capitalization.
The company has granted one million stock options at an exercise price of 20 cents and one million restricted share units to its directors, officers, employees and consultants. The options are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the company. The RSUs are payable in common shares of the company and vest in four equal instalments over one year after the date of the grant. The stock options and the RSUs are not transferable, and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.
About Ximen Mining Corp
Ximen owns a 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 a 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 in the Frankfurt, Munich and Berlin stock exchanges in Germany under the symbols 1XMA and WKN with the number as A2JBKL.
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