Ximen Mining Corp Corporate Update
Vancouver, British Columbia (FSCwire) - The Company is pleased to announce that it has closed the first, second and third tranches of the private placement announced on April 4, 2017, for gross proceeds of $258,500 for the first tranche and $298,925 for the second tranche and $55,000 for the third tranche. The units of the financing comprise one common share at a price of 5.5 cents and one full share purchase warrant, which may be exercised for a period of five years at a price of 7.5 cents per share. The Company announces August 18, 2017, as the hold period expiry date for the first and second tranches and August 21, 2017 for the third tranche of this private placement.
The Company paid a cash commission of $6,325.00 and issued 115,000 broker warrants for the second tranche of the placement. The broker warrants have the same terms as the private placement warrants.
“Certain insiders of the Company participated in the private placement, constituting a related party transaction pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). The Company relied on section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and section 5.7(1)(a) of MI 61-101 for an exemption from the minority shareholder approval requirement of MI 61-101 as the fair market value of the related-party portion of the transaction did not exceed 25% of the Company’s market capitalization.”
On behalf of the Board of Directors,
“Christopher R. Anderson”
Christopher R. Anderson,
President, CEO and Director
604 488-3900
About 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 under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN with the number as A1W2EG
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.
Ximen Mining Corp
888 Dunsmuir Street - Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/Ximen05102017.pdf
Source: Ximen Mining Corp. (TSX Venture:XIM)
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