ANCOUVER, BC / ACCESSWIRE / October 29, 2021 / Ximen Mining Corp. (TSXV:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") is pleased to announce that it has closed a non-brokered private placement originally announced on October 22, 2021 of 4,545,456 flow through shares at a price of $0.22 cents per share for gross proceeds of $1,000,000. Each Flow-Through share 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 transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional non-flow-through common share of the Issuer at an exercise price of Cdn$0.35 per share.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties.
The Company paid a cash commission of $70,000 and issued 318,182 finders warrants to Qwest Investment Fund Management Ltd. The finder warrants are valid for 3 years from closing with an exercise price of $0.22. All securities issued in connection with the flow through Offering will be subject to a hold period expiring February 26, 2022. The closing of this private placement financing is subject to final TSX-V approval.
The Company also announces that it has arranged a non-brokered private placement of 1,818,182 flow through shares at a price of $0.22 cents per share for gross proceeds of $400,000. Each Flow-Through share 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 transferable common share purchase warrant. Each whole warrant will entitle the holder to purchase, for a period of 36 months from the date of issue, one additional non-flow-through common share of the Issuer at an exercise price of Cdn$0.35 per share.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company's British Columbia mineral properties.
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.