Ximen Mining Closes Financing

Ximen Mining Corp has successfully closed its previously announced private placement, raising $400,000 through the issuance of 8 million units priced at $0.05 per unit. The financing structure includes common shares and warrants, with each warrant exercisable at $0.10 per share for 18 months, providing potential additional capital if exercised.

The company plans to deploy the net proceeds toward exploration activities on its British Columbia mineral properties and general working capital requirements. This financing provides Ximen with near-term operational funding while the warrant component offers a potential future capital source if the company's share price appreciates above the $0.10 exercise price.

The transaction includes standard market terms, with a four-month hold period on securities and finder's fees paid to Research Capital Corporation totaling $9,800 plus 196,000 finder warrants. The closing remains subject to final TSX Venture Exchange approval, which is typically a procedural requirement for such financings.