VANCOUVER, BC / ACCESSWIRE / April 26, 2019 / Ximen Mining Corp. (TSX-V: XIM, “Ximen” or the “Company“) announces that it has entered into a royalty option agreement (the “Agreement“) with Gungnir Resources Inc. (“Gungnir“) pursuant to which the Company has acquired an option (the “Option“), exercisable in the Company’s sole discretion, to purchase all of Gungnir’s remaining interest in its 4% gross metal royalty (the “Royalty“) over the Kenville Gold Mine Property for total consideration of $1,700,000 (the “Purchase Price“).
To exercise the Option, Ximen will pay the Purchase Price as follows, all in accordance with the terms and conditions of the Agreement:
- $500,000 in cash, currently held in escrow and to be released to Gungnir upon approval of the transaction by the TSX Venture Exchange (“TSXV“);
- $200,000 in common shares of Ximen (the “Shares“), to be issued within 10 days after the TSXV approval at a price per share equal to the volume weighted average price of the Shares for the 20 trading days prior to the announcement date; and
- $1,000,000 in cash, to be paid on or before October 31, 2019.
The exercise of the Option is subject to Ximen paying the Purchase Price as set out above and the receipt of TSXV approval on or before June 15, 2019 (unless such date is extended in accordance with the Agreement).
Once issued, the Shares will be subject to a hold period of four months and a day from the date of issuance.
A total of $3,000,000 remains payable under the terms of the Royalty.
On behalf of the Board of Directors,
“Christopher R. Anderson“
Christopher R. Anderson,
President, CEO and Director
Investor Relations: Mr. William Sattlegger, 604-488-3900 [email protected]
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in all three of its precious metal projects. Ximen’s two gold projects, The Gold Drop Project and Brett Gold Project are located in southern British Columbia. Ximen also owns the Treasure Mountain Silver project adjacent to the past producing Huldra Silver Mine. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, in the USA under the symbol XXMMF, and in Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN with the number as A1W2EG.
This press release contains certain ‘forward-looking statements’ within the meaning of Canadian securities legislation, including statements regarding the receipt of TSX Venture Exchange approval and the exercise of the Option by Ximen. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words ‘expects,’ ‘plans,’ ‘anticipates,’ ‘believes,’ ‘intends,’ ‘estimates,’ ‘projects,’ ‘aims,’ ‘potential,’ ‘goal,’ ‘objective,’ ‘prospective,’ and similar expressions, or that events or conditions ‘will,’ ‘would,’ ‘may,’ ‘can,’ ‘could’ or ‘should’ occur, or are those statements, which, by their nature, refer to future events. The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the possibility that the TSX Venture Exchange may not accept the proposed transaction in a timely manner, if at all. The reader is urged to refer to the Company’s reports, publicly available through the Canadian Securities Administrators’ System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects.
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.
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.
Ximen Mining Corp
888 Dunsmuir Street – Suite 888, Vancouver, B.C., V6C 3K4 Tel: 604-488-3900
SOURCE: Ximen Mining Corp.
View source version on accesswire.com: