Vancouver, B.C., February 8, 2023 – Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen”) announces that it has closed the private placement previously announced on January 26, 2023 for gross proceeds of $720,000. The private placement consisted of 8 million units at a price of $0.09 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 60 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.20 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 $0.25 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 30 days from the date of providing such notice.
The Company paid a cash commission of $1,260 and issued 14,000 finder warrants valid for 60 months to Canaccord Genuity Corp. and a cash commission of $3,780 and issued 42,000 finder warrants valid for 24 months to EMD Financial Inc.
All securities issued in connection with the placement closing will be subject to a hold period expiring on June 8, 2023.
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 private placement financing is subject to final TSX-V approval.
On behalf of the Board of Directors,
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Sophy Cesar, 604-488-3900, ir@XimenMiningCorp.com