The Prospector News

Ximen Mining Corporate Update

You have opened a direct link to the current edition PDF

Open PDF Close
Uncategorized

Share this news article

 

 

 

 

 

Ximen Mining Corp. (TSX-V:XIM) (FRA:1XMA) (OTCQB:XXMMF) is pleased to announce that it has closed a tranche of its drawdown equity financing facility with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners LLC. In this tranche closed on February 10, 2020, the Company drew down $150,000 from Alumina with Alumina receiving 470,588 units of Ximen consisting of a common share priced at $0.31875 per share and a 36-month warrant exercisable at $0.53125 per share. The hold expiry date for the placement is June 6, 2020. The net proceeds from the private placement will be used for the further exploration on the Company’s British Columbia mineral properties and general working capital.

 

The investment agreement will provide the Company with up to $8-million over a 24-month period to finance its exploration and continuing acquisition of gold assets in British Columbia.

 

The investment agreement is structured to provide Ximen with relatively quick access to private placement financing as and when required. Under the investment agreement, the company has the right to draw down on the facility, at its sole discretion, through equity private placement tranches of up to $500,000 each. Each tranche will be a placement of units, with each unit comprising one Ximen common share and one common share purchase warrant. The units will be priced at a discount of 15 per cent to 25 per cent from the then most recent closing price of the shares on the TSX Venture Exchange at the time of the applicable company drawdown notice to Alumina. The warrants will be issued at a 25-per-cent premium over the market price of the shares and will have a term of 18 months. There are no standby charges or other upfront fees associated with the investment agreement. Each tranche of units issued under the investment agreement will be subject to the acceptance of the TSX Venture Exchange and the securities issued will be subject to the customary four-month hold period.

 

The Company has granted 600,000 stock options at an exercise price of $0.35 and 500,000 restricted share units 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 are not transferable and will be subject to a four-month hold period from the date of grant and any applicable regulatory acceptance.

 

The Company also announces that further to its January 30, 2020 news release, the TSX Venture Exchange has approved the issuance of 771,428 common shares at a deemed price of $0.35 cents per common share to settle an aggregate of $270,000. of debt owed to certain creditors of the Company. The hold period expiry date for the shares is June 8, 2020.

 

About Ximen Mining Corp.

 

Ximen Mining Corp. owns 100% interest in three of its precious metal projects located in southern BC. Ximen`s two Gold projects The Amelia Gold Mine and The Brett Epithermal Gold Project. Ximen also owns the Treasure Mountain Silver Project adjacent to the past producing Huldra Silver Mine. Currently, the Treasure Mountain Silver Project is under a option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia which comes with surface and underground rights, buildings and equipment.

 

Posted February 13, 2020

Share this news article

MORE or "UNCATEGORIZED"


Victory Metals Announces Closing of Second and Final Tranche of Private Placement with Lead Order from Crescat Capital

Victory Metals Inc. (TSX-V: VMX) is pleased to announce that on... READ MORE

January 18, 2021

Metalex Closes Final Tranche of Private Placement and Shares for Debt Settlement

Further to news releases on December 11 and 17, 2020, Metalex Ven... READ MORE

January 18, 2021

Pretivm Achieves Above Mid-Point of 2020 Production Guidance; Significantly Reduces Debt with a Discretionary Payment of $160M; and Provides 2021 Production, Cost and Free Cash Flow Outlook

Fourth Quarter and Full Year 2020 Highlights: Gold production –... READ MORE

January 18, 2021

Mexican Gold Announces Closing Of Private Placement With Lead Order From Palisades Goldcorp

Mexican Gold Mining Corp. (TSX-V: MEX), is pleased to announce th... READ MORE

January 18, 2021

Orvana Reports 10% Increase in Gold Equivalent Production for First Quarter 2021

Gold-equivalent production of 18,398 ounces; a 10% increase from ... READ MORE

January 18, 2021

Copyright 2021 The Prospector News