Ximen Announces Corporate Update and AGM Results
Vancouver, British Columbia (FSCwire) - Ximen Mining Corp. (the “Company”) is pleased to announce the closing of the second tranche of its offering of convertible debentures raising $200,000 (each, a “Debenture”) (the “Offering”). Pursuant to the terms of the Debentures, the subscribers may convert all or part of the principal amount outstanding under the Debentures into units (the “Units”) comprised of one common share of the Company and one share purchase warrant of the Company. The Debentures are convertible into units over a five year period at the rate of $0.05 per Unit in the first year and $0.10 per Unit thereafter. Each warrant has an exercise term of 2 years. For any Units resultant from the conversion of a Debenture within the first year, such Units will comprise of warrants having an exercise price of $0.05 per common share. For any Units resultant from the conversion of a Debenture after the first year, such Units will comprise of warrants having an exercise price of $0.10 per common share subject to the proviso that all warrants shall expire on the 5th anniversary of the issuance date of the Debenture.
The Debentures have a maturity date of the 5th anniversary of the issuance date and bear an interest rate of 10% per annum, calculated annually and not in advance. Interest shall be due and payable on the earlier of the maturity date and the date that the Company may at its discretion redeem the convertible debentures.
Any common shares issuable pursuant to the conversion of the Debentures into units or pursuant to the exercise of share purchase warrants comprising the units in part shall be subject to a statutory hold period expiring on May 15, 2016.
The Debentures are secured against the Company’s interest in certain mineral tenures comprising a portion of the Brett Gold Property. The use of proceeds from the Offering shall be used for property payments and general working capital purposes. There are no finder’s fees payable.
The Company also announces that it held its annual general meeting on January 4, 2016 in Vancouver, BC and all resolutions proposed in the management proxy circular were approved. At the AGM, shareholders voted to re-elect Lorne Mann, Scott Kent, and Christopher Anderson as directors for the ensuing year.
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson, President, CEO and Director
Ximen Mining Corp. 604 488-3900
This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any state in the United States in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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public://news_release_pdf/ximen01152016.pdf
Source: Ximen Mining Corp. (TSX Venture:XIM) http://ximenminingcorp.com/
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