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Ximen Mining takes another step to acquire British Columbia gold mine

Ximen said it had now struck five related 'arm's length' agreements to acquire over 10.9 million target shares

Business handshake
Acquisition of the target shares is expected to complete by May 30 this year

Ximen Mining Corp (CVE:XIM) (OTCMKTS:XXMMF) updated further today on its previously announced plan to buy an option to acquire the Kenville gold mine, a formerly producing project in British Columbia.

Vancouver-based Ximen said it had now struck five related 'arm's length' agreements to acquire over 10.9 million shares (target) in private firm 099537 B.C. Ltd, whose main asset is the option on the mine.

READ: Ximen Mining advances plan to option former British Columbia gold producer

As consideration, Ximen says it will issue 642,828 Ximen shares at a deemed issue price of $0.70 each.

Mining group Ximen proposes to buy a total of over 43.2 million target shares, which represents around 80%  of 0995237.

In exchange for all of these, Ximen will issue around 3.5 million shares, or 10.62% of its share capital, at an average issue price of $0.74 a throw.

The acquisition of the target shares is expected to complete by May 30 this year.

"Ximen Mining is not only excited about the Kenville Gold Mine acquisition, we are also extremely pleased with the additional new shareholders whom accompany the project, and have decided to join forces with us and share their optimistic enthusiasm and support," Chris Anderson, CEO at Ximen, has said previously.

First discovered in 1888

The Kenville gold mine near Nelson, British Columbia was first discovered in 1888 and mined intermittently until 1954, during which it produced over 2,000 kilograms of gold and 861 kilograms of silver.

It was the first underground lode gold mine in British Columbia, and was once the largest producer in the Nelson mining camp, the firm said.

Looking ahead, Ximen plans to  compile the details of historic work at Kenville in a bid to define targets for possible trial mining.

Contact Giles at [email protected]

Follow him on Twitter@Gile74

Quick facts: Ximen Mining Corp

Price: 0.46 CAD

Market: TSX-V
Market Cap: $25.83 m

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