Ximen Mining Corp. Announces Financing
TSX VENTURE: XIM
VANCOUVER, BC / ACCESSWIRE / December 27, 2018 / Ximen Mining Corp. (TSX-V: XIM) The Company is pleased to announce that it has arranged a non-brokered private placement of 1 million units at a price of $0.25 cents per unit for gross proceeds of $250,000. 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 24 months from the date of issue, one additional common share of the Issuer at an exercise price of $0.30 per share.
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. There is no material fact or material change of the Company that has not been generally disclosed. A finder's fee may be paid to eligible finders in accordance to 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.
The Company is also pleased to announce that it has closed its previously announced non-brokered private placement of 1.8 million flow through shares at a price of $0.30 cents per share for gross proceeds of $540,000. 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.
The net proceeds from the Offering will be used by the Company for exploration expenses on the Company’s British Columbia mineral properties.
All securities issued in connection with the Offering will be subject to a hold period expiring April 12, 2019.
The Company paid a cash commission of $28,000 and issued 93,333 broker warrants for the placement. The broker warrants are exercisable at a price of $0.30 for a period of 2 years from the date of closing.
Christopher Anderson and Wesley Warthe-Anderson who are directors and/or officers of the Company, participated in the Offering by subscribing for a total of 350,000 shares, 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 has granted 800,000 stock options at an exercise price of $0.30. and 500,000 Restricted Share Units ("RSUs") to its directors, officers, employees and consultants. The options and RSUs are exercisable for five years and will be cancelled 30 days after cessation of acting as director, officer, employee or consultant of the Company. The Stock Options and the RSUs are not transferable and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.
On behalf of the Board of Directors,
"Christopher R. Anderson"
Christopher R. Anderson,
President, CEO and Director
Ximen Mining Corp.
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in all three of its precious metal projects. Ximen's two Gold projects, The Gold Drop Project and Brett Gold Project are located in southern British Columbia. Ximen also owns the Treasure Mountain Silver project adjacent to the past producing Huldra Silver Mine. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XMA and WKN with the number as A2JBKL
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.