Vancouver, B.C., December 15, 2023– Ximen Mining Corp. (TSX.v: XIM) (FRA: 1XMA) (OTCQB: XXMMF) (the “Company” or “Ximen) is pleased to announce that it has arranged a non-brokered private placement of 2,500,000 flow through units at a price of $0.20 per share for gross proceeds of $500,000. Each Flow-Through unit 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 common share purchase warrant. Each whole warrant will entitle the holder to purchase one additional non-flow through common share at the price of $0.25 for 36 months after closing.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company’s British Columbia mineral properties.
The flow through shares will qualify as flow-through shares (within the meaning of Subsection 66(15) of the Income Tax Act (Canada). An amount equal to the gross proceeds from the issuance of the flow through shares will be used to incur eligible resource exploration expenses which will qualify as (i) Canadian exploration expenses (as defined in the Tax Act), and (ii) as flow-through critical mineral mining expenditures (as defined in Subsection 127(9) of the Tax Act). Qualifying expenditures in an aggregate amount not less than the gross proceeds raised from the issue of the FT shares will be incurred (or deemed to be incurred) by the company on or before Dec. 31, 2024, and will be renounced by the company to the initial purchasers of the FT shares with an effective date no later than Dec. 31, 2023.
A finder’s fee may be paid to eligible finders in accordance with the TSX Venture Exchange policies. All securities issued pursuant to the offering will be subject to a hold period of four months and one day from the date of closing. The offering and payment of finders’ fees are both subject to approval by the TSX-V.
Directors, officers or other insiders of the company may participate in the foregoing offerings, and such parties may sell securities of the company owned or controlled by them personally through the facilities of the TSX Venture Exchange to finance participation in such offerings.
Participation by insiders in the offering will be exempt from the valuation and minority shareholder approval requirements of Multilateral Instrument 61-101 (Protection of Minority Security Holders in Special Transactions) by virtue of the exemptions contained in sections 5.5(a) and (b), and 5.7(1)(a), respectively, of MI 61-101.
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
