Mr. Christopher Anderson reports
XIMEN MINING ARRANGES STRATEGIC INVESTMENT $2,500,000 PRIVATE PLACEMENT AT A 40% PREMIUM
Ximen Mining Corp. has arranged a non-brokered private placement of 8,893,635 charity flow-through shares priced at 28.5 cents per share with total gross proceeds of $2,534,686, a 42.5-per-cent premium to Ximen's current share price.
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. The closing of the financing is expected to occur on or about Feb. 2, 2022, and is subject to the receipt of regulatory approvals, including the approval of the TSX Venture Exchange.
The company will use the net proceeds from the offering for exploration expenses on the company's British Columbia mineral properties. The shares are being issued as part of a charity flow-through arrangement. The company will pay no commission or finders' fee in connection with this offering.
Ximen is prepared for an active precious metals exploration season in 2022 with several drill permits in place. Recently added to the permitted properties for drilling include the Amelia gold mine, Wild Horse gold belt and the Bud-Elk gold-copper property. Previously and in addition too, in the pipeline for drilling are the Providence silver and gold project, the California gold mine, the Star gold property and Venus and Juno gold mine, and the Brett Epithermal gold property. This is of course outside the continuing work that is being conducted currently at the Kenville gold mine.
The Brett Epithermal gold property (near Vernon, B.C.) is an epithermal gold deposit (low-sulphidation type) with several gold drill intercepts including bonanza high grades over metre-scale widths and low-grade gold over tens of metres (see company website for details). Follow-up drilling of newly identified zones and infill drilling of the Main zone is planned.
Ximen's Nelson, B.C., properties are being targeted for gold-quartz veins, silver-gold veins and bulk mineable gold-copper mineralization. The gold vein system that extends south from the Kenville gold mine goes through a gradual change in mineralization style from gold in discreet veins to a disseminated style with gold, copper and silver in sheeted veinlets, collectively regarded as a bulk mineable gold target.
Drilling at the Amelia property (Camp McKinney east of Oliver, B.C.) is planned to test for extensions of the historic Caribou-Amelia gold mine.
At the Wild Horse (near Cranbrook, B.C.), drilling will continue and is being planned to test a new area of visible gold in soil samples.
Readers are cautioned that historical information including grades and 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, exploration, for Ximen Mining and a qualified person as defined by National Instrument 43-101, approved the technical information contained in this news release.
About Ximen Mining Corp.
Ximen Mining is focused on acquiring high-grade gold assets in Southern B.C., with easy access and solid infrastructure. Ximen aims to build a gold mining company with the blue sky potential of a land package with multimillion ounces of gold targeting over 10 million ounces. Ximen strives to always take a 100-per-cent interest in all its projects and assets. The company has bought out all the possible net smelter returns on its key mineral precious metal assets and several other assets in the vicinity of its holdings. Simultaneously, Ximen is advancing the Kenville gold mine forward and on the path toward production. The focus remains on meeting all the established targets while at the same time maintaining aversion toward debt and dilution. All while moving forward with responsible development and sustainable mining and exploration practices building ethical and sustainable value.
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 Frankfurt, Munich and Berlin Stock Exchanges in Germany under the symbol 1XMA and WKN with the number as A2JBKL.
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