Ximen Mining Corp (CVE:XIM) announced Monday that it has arranged a non-brokered private placement of 675,000 flow-through shares at a price of $0.60 cents per share to raise gross proceeds of C$405,000.
Funds raised will be used for Canadian exploration expenses and will qualify as flow-through mining expenditures, as defined by Canada’s Income Tax Act. A flow-through vehicle passes income to investors to avoid double taxation.
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The company said finder's fees may be paid securities issued under the placement will be subject to a four-month hold period from the closing date. The placement is subject to final acceptance of the TSX Venture Exchange.
Ximen Mining owns 100% interest in all three of its precious metal projects located in southern BC. It's flagship project is the Brett gold property, which the company bought for $1.6 million in 2013 and is a potential multi-million ounce system with multiple high grade targets.
Shares of Ximen Mining were up 8.5% at C$0.64 in Toronto on Monday.