financing $0.10. current sp 0.22 WTF
Ximen Mining closes $500,000 private placement
2024-04-15 13:48 ET - News Release
Mr. Christopher Anderson reports
XIMEN MINING CLOSES FINANCING
Ximen Mining Corp. has closed the private placement previously announced on March 28, 2024, for gross proceeds of $500,000. The private placement consisted of five million units at a price of 10 cents 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 16 cents per share.
All securities issued in connection with the placement closing will be subject to a hold period expiring on Aug. 12, 2024.
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 Venture Exchange approval.
The company paid a cash commission of $3,500 to Glores Securities Inc. and issued 35,000 finder warrants. The finder warrants issued to Glores Securities Inc. have the same terms as the private placement warrants.
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. 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.