Vancouver, B.C., April 20 , 2022 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) announces that it has closed the first tranche and second tranche of the private placement previously announced on April 1, 2022 for gross proceeds of $1,322,510. The first and second tranches of the non-brokered private placement consisted of 8,816,733 units at a price of $0.15 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 24 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.25 per share.
The first tranche totaled 6,966,733 shares and the Company paid a cash commission of $1,417.50 and issued 9,450 broker warrants to Canaccord Genuity Corp. and a cash commission of $875.00 and issued 5,833 broker warrants to PI Financial Corp and a cash commission of $10,500. and issued 70,000 broker warrants to Glores Securities Inc. The broker warrants have the same terms as the private placement warrants. All securities issued in connection with the first tranche closing will be subject to a hold period expiring on August 14, 2022.
The second tranche totaled 1,850,000 shares and the Company paid a cash commission of $6,825.00 and issued 45,500 broker warrants to Haywood Securities Inc. The broker warrants have the same terms as the private placement warrants. All securities issued in connection with the second tranche closing will be subject to a hold period expiring on August 15, 2022.
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 the first and second tranches 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 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
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com