Vancouver, B.C., November 25, 2020 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to announce that it has completed its portal construction at the Kenville Gold Mine project in the Nelson mining camp in southern British Columbia.
The installation of the new portal culvert is now complete, providing access to the Kenville mine 257 level. The final stages included placement of back-fill, construction of a door on the outside of the culvert, an as-built survey, and installation of rail ties and track on the inside to connect with the 257 mine level (see photos below).
Photo of CEO Christopher Anderson hammering in the “Golden Spike” connecting the new underground rail with the Kenville 257 Level rail line.
Permitting for the new mine development is progressing well with public notifications and responses completed. The final application has been submitted to the Mines Review Committee.
Dr. Mathew Ball, P.Geo., VP Exploration for Ximen Mining Corp. and a Qualified Person as defined by NI 43-101, approved the technical information contained in this News Release.
The Company also announces that it has closed a financing for gross proceeds of $250,000. The non-brokered private placement consisted of 694,444 units at a price of $0.36 per unit. 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 36 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.60 per share. The hold expiry date for this placement is March 11, 2021.
Further the Company announces that it has closed a non-brokered private placement consisting of 595,240 flow through shares at a price of $0.42 per share for gross proceeds of $250,000. 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 Company paid a cash commission of $17,500 and issued 41,666 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for 2 years from closing with an exercise price of $0.42. All securities issued in connection with the flow through offering will be subject to a hold period expiring March 17, 2021.
The net proceeds from the private placements will be used for the further exploration on the Company’s British Columbia mineral properties and general working capital.
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director