VANCOUVER, BC / ACCESSWIRE / August 11, 2023 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it has closed the first tranche of the private placement previously announced on August 3, 2023. The first tranche consisted of 8,000,000 units for gross proceeds of $480,000. The private placement consisted of units at a price of $0.06 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 $0.08 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 $0.10 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.
All securities issued in connection with the placement closing will be subject to a hold period expiring on December 12, 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.