- Ximen Mining Corp. (XIM) announces a non-brokered private placement for $1.5 million
- The funds raised from the agreement will supplement a US$5 million secured gold loan
- The loan will be repaid with gold production from the company’s Kenville Gold Mine
- The historical production records show 65,381 ounces of gold were produced from the mine
- Ximen also owns three precious metal projects located in southern B.C.
- Ximen Mining Corp. (XIM) is up 2.50 per cent and is trading at $0.20 per share as of 12:12 p.m. ET
Ximen Mining Corp. (XIM) has announced a non-brokered private placement for $1.5 million.
10 million units will be issued for $0.15 per unit, with each unit consisting of one share and one warrant. Each warrant is exercisable priced at $0.25 for two years.
The funds raised from the agreement will supplement a US$5 million secured gold loan, which will be repaid with gold production from the company’s Kenville Gold Mine.
Christopher Anderson, President and CEO of Ximen, commented,
“We want to make sure that we have the financing in place to continue on once we get the green light, and so this is the last cavaet in order to access the US$5 million that we do have for development… and the permit of course.”
The project is in Nelson, B.C., which started production in 1890 and mined into the 1950s. The historical production records show that 65,381 ounces gold were produced from 158,842 tonnes milled, for a recovered grade of 12.8 grams per tonne.
Previous operators of the mine conducted detailed sampling in 2009 and based on the results a historic mineral resource was estimated. It showed high estimates of gold and additional drilling identified at least four new veins with potential strike lengths.
Although the current focus is on the Kenville Gold Mine, the company is actively working on several other exciting projects.
Ximen also owns three precious metal projects located in southern B.C., the Amelia Gold Mine, the Brett Epithermal Gold Project, and the Treasure Mountain Silver Project.
Ximen Mining Corp. (XIM) is up 2.50 per cent and is trading at $0.20 per share as of 12:12 p.m. ET.