Vancouver, B.C., December 30, 2021– Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) is pleased to announce that it has closed the final tranche of the non-brokered private placement originally announced on December 1, 2021 consisting of 320,000 flow through shares at a price of $0.22 cents per share for gross proceeds of $70,400.00. 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 Cdn$0.35 per share.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company’s British Columbia 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-V approval. This flow-through private placement, originally announced on December 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 (“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.
The Company has granted 1,000,000 stock options at an exercise price of $0.20. and 1,000,000 Restricted Share Units (“RSUs”) 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.
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com