logo-loader
viewXimen Mining Corp

Ximen Mining draws down $150,000 under third tranche of investment agreement with Alumina

Ximen said the agreement will provide it with up to C$8.0 million over a 24-month period to finance its exploration and on-going acquisition of gold assets

Ximen Mining Corp -
Alumina received 487,804 units of Ximen consisting of a common share priced at $0.3075 per share and an 18 month warrant exercisable at $0.5125 per share

Ximen Mining Corp. (CVE:XIM) (OTCMKTS:XXMMF) announced late Friday that it closed the third tranche of its draw-down equity financing facility with Alumina Partners (Ontario) Ltd., an affiliate of New York-based private equity firm Alumina Partners, LLC, on September 18, 2019..

In a statement, the company said it drew down $150,000 in the third tranche with Alumina receiving 487,804 units of Ximen consisting of a common share priced at $0.3075 per share and an 18 month warrant exercisable at $0.5125 per share, with a hold expiry date for the placement of January 19, 2020.

READ: Ximen Mining poised to break ground for new portal at Kenville gold mine project

Ximen said the investment agreement – which is structured to provide the firm with relatively quick access to private placement financing as and when required - will provide it with up to C$8.0 million over a 24-month period to finance its exploration and on-going acquisition of gold assets in British Columbia.

Under the investment agreement, Ximen has the right to draw down on the facility, at its sole discretion, through equity private placement tranches of up to C$500,000 each.

Each tranche draw-down will be matched by 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% to 25% from the then most recent closing price of the shares on the TSX Venture Exchange at the time of the draw-down notice to Alumina. The warrants will be issued at a 25% premium over the market price of the shares and will have a term of 18 months.

Kenville progress

On September 17, Ximen reported on progress at its Kenville gold mine project in British Columbia, where it is planning to carry out a diamond drilling program.

The mine has previously produced over 2,000kg of gold and 861kg of silver during nearly 60 years of production between 1888 and 1954.

Ximen said in a statement: "Work at the Kenville Gold mine site is steadily progressing toward starting the new decline. The grounds and buildings have been cleaned and powered. Overburden stripping has been completed at the new portal site. The site is now ready to start breaking ground for the new portal."

Contact the author at [email protected]

Quick facts: Ximen Mining Corp

Price: 0.45 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $25.27 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Ximen Mining Corp named herein, including the promotion by the Company of Ximen Mining Corp in any Content on the Site, the Company receives...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Ximen Mining plans to get crews safely back to work at...

Ximen Mining (CVE: XIM- OTC: XXMMF) President and CEO Christopher Anderson joined Steve Darling from Proactive Vancouver to share news the company is planning to send workers back to the Greenwood Mining camp in June. Anderson saying they are putting new protocols in place to protect those...

on 29/5/20

2 min read