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Ximen Provides Update on Acquisition of Kenville Gold Mine

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Ximen Provides Update on Acquisition of Kenville Gold Mine

 

 

 

 

 

Ximen Mining Corp. (TSX-V: XIM) announces that, further to its news releases of April 8, 2019 and May 2, 2019, it has entered into five new arm’s length agreements to acquire an additional 10,919,461 common shares of 0995237 B.C. Ltd., a private B.C. company. In consideration for these 10,919,461 additional Target Shares the Company proposes to issue a total of 642,828 Ximen common shares at a deemed issue price of $0.70 per share.

 

Together with previously announced agreements to acquire 0995237 common shares (please refer to the press releases dated April 8, 2019 and May 2, 2019), these additional agreements bring the total number of Target Shares proposed to be acquired by the Company to 43,261,811 Target Shares, or approximately 80 % of 0995237. The total number of Ximen common shares to be issued in exchange for the 43,261,811 Target Shares is 3,528,769 (or approximately 10.62% of the total issued and outstanding Ximen common shares), at an average issue price of $0.74 per share. The principal asset of 0995237 is its option to acquire the Kenville Gold Mine, located west of Nelson, B.C.

 

The acquisition of the Target Shares remains subject to TSX Venture Exchange acceptance. The Consideration Shares will be subject to a customary 4-month, plus one day, hold period running from the date on which they are issued. The acquisition the Target Shares is expected to complete by May 30, 2019.

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, in the USA, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany.

 

Posted May 9, 2019

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