Closing Of Private Placement Causes Significant Buying Pressure

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Wednesday, July 6, 2022

Private placements are arguably one of the most frequently used fundraising tools in North America, and the capital that these raises pull in can be instrumental to the company’s success. A lot of times, these types of events fly under the radar for some of the larger companies, however when it comes to micro cap stocks, these could have a major impact on the outlook of the company. That is exactly what happened today after Ximen Mining Corp. (TSX-Venture:XIM) (OTCQB:XXMMF) announced that it has closed a previously disclosed private placement round, brining in gross proceeds of $560,000.

Ximen's focused on being the next significant high-grade gold producer in southern BC, one of the best mining jurisdictions in the world, through self-funding its exploration. Ximen is focused on the Kenville Gold Mine property near Nelson, BC and is developing the project into a small underground mine. Preparations to date include establishing the mining camp, connecting hydropower, engineering work and initiating permitting for a new 1200-meter decline to extract a 10,000 bulk sample.

As previously mentioned, these offerings can have a major impact on the company, and traders apparently couldn’t agree more with that statement after seeing shares trading on the TSX-Venture exchange climb up to $0.12/share (+26.32%). It’ll be exciting to see what this micro cap has in store for sessions to come.

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