Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) said Thursday that it has arranged a non-brokered private placement of two million flow-through shares at a price of $0.50 per share for gross proceeds of $1 million.
In a statement, the precious metals explorer with several assets in southern British Columbia, said each flow-through share consists of one common share that qualifies as a "flow-through share."
A finder's fee may be paid to eligible finders in accordance with the TSX Venture Exchange policies, noted the company. All securities issued as a result of the offering will be subject to a hold period of four months and one day from the date of closing.
Separately, the company said it closed a tranche of its drawdown equity financing facility with Alumina Partners (Ontario) Limited, an affiliate of New York-based private equity firm Alumina Partners LLC. On February 25, the company drew down $150,000 from Alumina with Alumina receiving 487,805 units of Ximen consisting of shares priced at $0.3075 per share and a 36-month warrant exercisable at $0.5125 per share. The hold expiry date for the placement is June 26, 2020.
The proceeds from the private placement will be funneled into further exploration on the company's British Columbia mineral properties and general working capital, said the company.
Ximen Mining owns 100% interest in three of its precious metal projects in southern British Columbia. Ximen’s two Gold projects include 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. The company has recently acquired control of the Kenville Gold mine near Nelson British Columbia.
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