VANCOUVER, British Columbia, April 21, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (the "Company" or "Ximen") is pleased to announce that it has entered into a non-binding engagement letter pursuant to which Richardson GMP Securities LP (the "Agent") shall act as agent to raise up to $5,000,000 through the concurrent sale of (i) common shares of the Company and (ii) units of the Company ("Units") (collectively, the "Offering"), on a commercially reasonable efforts basis.
Pursuant to the engagement letter with the Agent, $2,000,000 of common shares are to be offered at an issue price of $1.10 per common share, and a minimum of $2,000,000 to a maximum of $3,000,000 of Units are to be offered at an issue price of $1.10 per Unit. Each Unit comprises of one common share and one-half of one share purchase warrant, where each whole warrant (a "Warrant") may be exercised to purchase a further common share at a price of $1.50 for a period of 12 months, subject to an acceleration provision which may be exercised by the Company in the event that the common shares trade at or above a price of $1.85 per share for a period of 10 consecutive trading days. In such case, Ximen may give notice, in writing and by way of news release that the Warrants will expire 30 days from the date of providing such notice, to be given no later than three business days following such 10 day period.
In connection with the sale of the Offered Securities, the Company will pay the Agent 8% of the gross proceeds of the Offering, and grant the Agent options to acquire up to that number of common shares as is equal to 8% of the total number of common shares sold under the Offering which options may be exercised for a period of 12 months at the price of $1.10 per common share. The Company may additionally pay brokerage fees or finder's fee comprised of cash or warrants or a combination thereof.
It is anticipated that the Units will be offered in Alberta, British Columbia and Ontario, and the common shares will be offered in Alberta and British Columbia, and either may be offered in such other jurisdictions as the Agent and the Company may agree prior to closing.
It is anticipated that the Company will use the net proceeds raised from the Offering for general working capital.
Closing of the Offering is conditional upon approval of the TSX Venture Exchange.
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in its two projects, Gold Drop Project and Brett Gold Project located in southern British Columbia. Recently the company has entered into a due diligence agreement with Huldra Silver Inc. for the purposes of determining the feasibility, terms and conditions of a proposal for the acquisition of Huldra Silver. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, and is listed on the Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN number is A1W2EG.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director, Ximen Mining Corp.
For further information, please contact Ward Kondas 604-488-3900 or by email at firstname.lastname@example.org.
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.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.
Source:Ximen Mining Corp.