Vancouver, B.C., October 20, 2021 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to announce that it has closed a non-brokered private placement originally announced on October 12, 2021 totaling 1,818,200 flow through shares at a price of $0.22 per share for gross proceeds of $400,004. 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 Cdn$0.35 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 $0.55 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 hold expiry date on these shares is February 21, 2022. The closing of this private placement financing is subject to final TSX-V approval.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company’s British Columbia mineral properties. This flow through private placement, originally announced on October 12, 2021 is now closed.
The Company also announces that it has closed the final tranche of the private placement first announced on October 4, 2021 for gross proceeds of $200,000.
A total of 1,000,000 units were issued for this final tranche. Each Unit consists of one common share at a price of $0.20 per share and one transferable common share purchase warrant (a “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 $0.35 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 $0.45 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 this tranche is February 21, 2022. No finders’ fees were paid on this tranche.
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 this final tranche of the private placement financing is subject to final TSX-V approval.
Christopher Anderson a director and/or officer of the Company, participated in the non-flow through 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 (“MI 61-101”). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and 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% of the Company’s market capitalization.
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director
604 488-3900
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com
