VANCOUVER, BC / ACCESSWIRE / September 1, 2023 / Ximen Mining Corp. (TSX.v:XIM)(FRA:1XMA)(OTCQB:XXMMF) (the "Company" or "Ximen") announces that it has closed the final tranche of the private placement previously announced on August 3 and August 11, 2023, for gross proceeds of $120,000. This final tranche consisted of 2,000,000 units at a price of $0.06 per unit.
All securities issued in connection with the final tranche of the placement will be subject to a hold period expiring on December 24, 2023.
There were no finders fees payable on this placement.
The entire private placement consisted of 10 million 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.
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.
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 ("MI 61-101"). 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.
The Company also announces that Nicolette Keith is retiring and will be stepping down as the Chief Financial Officer of the Company effective immediately.
The Company would like to thank Ms. Keith for her vision, commitment, and dedication to Ximen Mining over the many years. The board of directors extend their best wishes to Nicolette as she embarks on this new journey.
Mr. Roy Davis, a director of the Company will assume the interim role as Chief Financial Officer.