Ximen Mining Corp. Secures Bridge Financing for Kenville Gold Mine
News related to:Ximen Mining Corp · 2 min read
Ximen Mining Corp., based in Vancouver, British Columbia, is advancing plans to secure non-dilutive funding for the development of the Kenville Gold Mine portal. The company is currently in discussions with several groups to secure this funding, with the goal of reducing or avoiding equity dilution to shareholders.
To support ongoing site operations, Ximen Mining Corp. has announced a bridge private placement of up to $350,000, expected to close on September 25th. The funds will be used to sustain operations at the Kenville Gold Mine near Nelson, British Columbia, while the company works to finalize a larger funding package for portal and mine development.
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.
Ximen Mining Corp. also announced a non-brokered private placement of up to 4,375,000 units of the company at a price of $0.08 per unit for gross proceeds of up to $350,000. Each unit consists of one common share and one common share purchase warrant. The warrants will entitle the holder to purchase one additional common share at an exercise price of $0.12 for a period of 18 months from the date of issuance.
Proceeds from the Offering are intended to fund the continuation of operations on the ground at the Kenville Gold Mine 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.
The company is also in discussions with potential contractors regarding portal development. The company expects to provide a further update on contractor engagement in due course.
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.