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Ximen Mining draws down a further C$150,000 from its equity financing facility with Alumina

In the tranche which closed on February 10, Alumina received 470,588 units of Ximen

Ximen Mining Corp -
The facility provides Ximen with up to C$8 million over 24 months to fund exploration and continuing acquisition of gold assets in BC

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) said it has drawn down on its equity financing facility with Alumina Partners to the tune of C$150,000. 

In the tranche which closed on February 10, Alumina received 470,588 units of Ximen consisting of company shares priced at C$0.31875 and a 36-month warrant exercisable at C$0.53125 each. 

The facility provides Ximen with up to C$8 million over 24 months to fund exploration and continuing acquisition of gold assets in British Columbia.

READ: Ximen Mining expands its ground in Nelson and Camp McKinney gold camps, BC

It gives Ximen relatively quick access to private placement financing as and when required, through tranches of up to C$500,000 each.

Also in today's statement, Ximen revealed that the TSX venture exchange had approved the issue of 771,428  shares at a deemed price of C$0.35 each to settle a debt of C$270,000 owed to certain creditors of Ximen.

The hold period expiry date for the shares is June 8, 2020.

Contact the author at [email protected]

Quick facts: Ximen Mining Corp

Price: 0.47 CAD

TSX-V:XIM
Market: TSX-V
Market Cap: $22.82 m
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