Vancouver, British Columbia (FSCwire) - Ximen Mining Corp. (TSX-V: XIM) (the “Company” or “Ximen”) announces that it is proposing to consolidate the outstanding common shares of the Company (the “Shares”) on the basis of five (5) pre-consolidation Shares for one (1) post-consolidation Share (the “Consolidation“). In addition, after completion of the Consolidation, the Company intends to undertake a rights offering to its shareholders to provide working capital and to fund the exploration plan for the Company’s Brett Gold Project.

 

Consolidation

 

Management and the Board of Directors has concluded that the Consolidation is necessary and in the best interests of the Company. The Board believes that the proposed share consolidation is necessary to facilitate new equity investment in the Company to finance continuing business activities and assist in its overall marketing efforts.

 

The Consolidation will not change a shareholder’s proportionate ownership in the Company or the rights of holders of Shares. Each Share outstanding after the Consolidation will be entitled to one vote and will be fully paid and non-assessable. There will be no name change in conjunction with the Consolidation.

 

Under the terms of the proposed Consolidation, no fractional Shares will be issued as a result of the Consolidation as any fractional Shares created as a result of the Consolidation will be rounded up or down to the nearest whole number. There are currently 93,616,439 Shares issued and outstanding. Following the Consolidation, there will be approximately 18,723,287 Shares issued and outstanding, subject to treatment of fractional post-Consolidation Shares.

 

The Consolidation is subject to approval by the TSX Venture Exchange.

 

 

 

Rights Offering

 

After completion of the Consolidation, the Company intends to undertake a rights offering to its shareholders for the purchase of post-Consolidation Shares of the Company. The rights offering will be subject to definitive terms and conditions, as well as receipt of prior approvals from the TSX Venture Exchange and the applicable securities regulatory authorities. Proceeds of the rights offering will be used to provide working capital for the Company, and to fund the exploration plan for the Company’s Brett epithermal Gold Property, located near Vernon, British Columbia.

 

Further information regarding the proposed rights offering will follow after the Consolidation is complete through subsequent announcements as well as a rights offering notice and circular which will be filed and sent to shareholders of record on a date to be determined.

 

On behalf of the Board of Directors,

 

“Christopher R. Anderson”

 

Christopher R. Anderson,
President, CEO and Director

604 488-3900

 

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.

 

Forward-Looking Statement Cautions:

 

This news release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, relating to, among other things, preliminary plans for a consolidation of the Company’s Shares and a proposed post-consolidation rights offering. 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 will not approve the proposed share consolidation, the TSX Venture Exchange or other applicable securities regulators will not approve the proposed rights offering, and that the Company may not be able to raise sufficient additional capital to continue its business. 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 news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of securities of the Company in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The Company’s securities have not been and will not be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

 

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.

 

To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/ximen12272017.pdf

Source: Ximen Mining Corp. (TSX Venture:XIM)

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