The Conversation (0)
Nelson BC
Ximen Mining Corp. (TSXV: XIM,OTC:XXMMF) (FSE: 1XM) (OTC: XXMMF) (the "Company" or "Ximen") is pleased to provide an update on its efforts to secure non-dilutive funding for portal and mine development at the Kenville Gold Mine near Nelson, British Columbia and announce a bridge private placement of up to $350,000 expected to close September 25th, to fund ongoing site operations over the next 30 days.
Portal site at Kenville Gold Mine Project
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Non-dilutive funding for portal development
The Company is discussing a non-dilutive capital to fund mine development at Kenville, with the objective of reducing or avoiding equity dilution to shareholders to the extent achievable on acceptable terms. Ximen is currently negotiating with several groups regarding potential funding structures and hopes to finalize an arrangement within approximately the next 30 days.
These discussions are ongoing and no definitive agreement has been entered into. There can be no assurance that any such financing will be completed, or completed within the anticipated timeframe or on terms currently under discussion. Further details will be announced if and when definitive arrangements are entered into.
"Our priority is to build Kenville without giving away the upside our shareholders have waited for," said Christopher R. Anderson, President and CEO of Ximen. "We are in active discussions with several groups on non-dilutive funding for the portal and mine development, and we are encouraged by the level of interest. The site is ready, the equipment is there and the power is on. This small bridge financing keeps our crew working and keeps us on schedule while we work to finalize the larger funding package over the next 30 days."
Transporting Rock Truck to Kenville Gold Mine Project
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Bridge private placement
To support operations at Kenville while the development funding is being finalized, the Company announces a non-brokered private placement of up to 4,375,000 units of the Company (the "Units") at a price of $0.08 per Unit for gross proceeds of up to $350,000 (the "Offering").
Each Unit will consist of one common share of the Company and one common share purchase warrant (a "Warrant"). Each Warrant will entitle the holder to purchase one additional common share of the Company at an exercise price of $0.12 for a period of 18 months from the date of issuance. The Units are hard-dollar units and are not flow-through units.
Use of proceeds
Proceeds from the Offering are intended to fund the continuation of operations on the ground at the Kenville Gold Mine near Nelson, British Columbia, and to serve as bridge capital to support near-term site execution while the Company works to secure longer-term funding for decline / portal development at Kenville, as described above.
Site readiness and timeline
The Company notes that site preparations at Kenville are well advanced: equipment is on site, power is connected, and remaining work is focused on moving into portal / decline construction once funding is in place. Management's current assessment is that no material incremental capital expenditures are required to advance portal / decline development beyond the funding needed to carry out that work, subject to remaining preconditions and permit conditions (including outstanding engineering deliverables such as foundation and mine-roads stability reports and flood retention pond works), contractor engagement, weather, and other customary factors.
Work continues on site with a small crew. The Company remains focused on commencing portal construction toward the end of October 2026, subject to financing, the preconditions and permit conditions noted above, weather, contractor availability, and other customary factors.
Rock truck and scooptram to be deployed at Kenville Gold Mine Project
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Portal contractors
Ximen is also in discussions with potential contractors regarding portal development. The Company expects to provide a further update on contractor engagement in due course.
Offering terms
The Offering is subject to acceptance by the TSX Venture Exchange. The securities issued under the Offering will be subject to a hold period of four months and one day from the date of closing under applicable Canadian securities laws. No finder's fees will be paid in connection with the Offering. Closing is subject to customary conditions, including receipt of all required regulatory approvals.
Insiders of the Company may or may not participate in the Offering. Any participation will be on the same terms as arm's-length subscribers and will be disclosed in accordance with applicable securities laws upon closing.
On behalf of the Board of Directors,
"Christopher R. Anderson"
Christopher R. Anderson,
President, CEO and Director
604 488-3900
Investor Relations | 604-488-3900 | ir@XimenMiningCorp.com
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About Ximen Mining Corp.
Ximen Mining Corp. acquired the Kenville Gold mine near Nelson British Columbia including all surface and underground property and mineral rights, buildings and equipment. The company also owns 100% interest in three of its precious metal projects located in southern BC., including two Gold projects, 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. Currently, the Treasure Mountain Silver Project is under an option agreement. The option partner is making annual staged cash and stocks payments as well as funding the development of the project.
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 A3E2DA.
This press release contains certain "forward-looking statements" within the meaning of Canadian securities This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made, and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedarplus.ca for a more complete discussion of such risk factors and their potential effects.
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.
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 the source version of this press release, please visit https://www.newsfilecorp.com/release/315078
