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XIMEN MINING CLOSES A $2.5 MILLION FINANCING STRATEGIC INVESTMENT BY NEW GOLD

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XIMEN MINING CLOSES A $2.5 MILLION FINANCING STRATEGIC INVESTMENT BY NEW GOLD

 

 

 

 

 

Ximen Mining Corp. (TSX-V: XIM) (FRA: 1XMA) (OTCQB: XXMMF) is pleased to announce that New Gold Inc. (TSX:NGD) (NYSE American: NGD) has acquired a 9.9% interest in Ximen.

The non-brokered private placement of 8,893,635 charity flow-through shares are priced at $0.285 per share with total gross proceeds of $2,534,686. In a second-step transaction, and part and parcel of the completion of the Offering, New Gold Inc. acquired the 8,893,635 shares at a 30% discount to the subscription price.

“Building strategic relationships with active partners in our community and jurisdiction is essential to Ximen’s long-term goals. Ximen is looking forward to enhancing its relationship with New Gold. Their initial decision to invest in Ximen projects and development plans is an excellent starting point,” states Christopher R. Anderson, Ximen’s President and CEO.

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 Company will use the net proceeds from the Offering for exploration expenses on the Company’s British Columbia mineral properties.

The Shares are being issued as part of a charity flow-through arrangement. The Company will pay no commission or finders’ fee in connection with this Offering. The Offering is between arm’s length parties, and all securities issued pursuant to the Offering are subject to the applicable statutory hold period of four months and one day from the closing. The Offering is subject to the final approval of the TSX Venture Exchange.

Posted February 8, 2022

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