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InvestmentPitch Media Video Discusses Ximen Mining's Signing of Indicative Term Sheet to Fund Development of its Kenville Gold Mine - Video Available on Investmentpitch.com
Vancouver, British Columbia--(Newsfile Corp. - February 11, 2021) -  Ximen Mining (TSXV: ...
About this update from Ximen Mining Corp.
[{"type":"text","content":"InvestmentPitch Media Video Discusses Ximen Mining's Signing of Indicative Term Sheet to Fund Development of its Kenville Gold Mine - Video Available on Investmentpitch.comVancouver, British Columbia--(Newsfile Corp. - February 11, 2021) -  Ximen Mining (TSXV: XIM) (OTCQB: XXMMF) (FSE: 1XMA) has signed an indicative term sheet to fund development of its Kenville Gold Mine. The Kenville Gold Mine is situated 8 km west of the City of Nelson, BC on a group of crown granted mineral claims, together with surface rights that are 100% owned by Ximen. The Kenville Gold Mine commenced production in 1890 and continued in operation into the 1950's, with historical production records showing 65,381 ounces gold produced from 158,842 tonnes milled, for a recovered grade of 12.8 grams per tonne gold.For more information, please view the InvestmentPitch Media \"video\" which provides additional information about this news and the company. If this link is not enabled, please visit www.InvestmentPitch.com and enter \"Ximen\" in the search box.Cannot view this video? Visit:https://www.youtube.com/watch?v=R84475dgXCcUnder the agreement, an arm's length Swiss-based metals trading firm will provide US$5 million in the form of a secured gold loan for the planned development of a 1,200 meter decline and extraction of a 10,000-tonne bulk sample.Christopher R. Anderson, President and CEO, stated: \"This non-dilutive financing is an important milestone as we continue moving forward on the development of the Kenville Gold Mine towards production. Following months of discussions, we are extremely pleased to have come to terms with a sophisticated firm that understands our industry and is providing us with the final stepping stone to satisfy our cash flow requirements.\"The contemplated Loan will have a maturity date 330 days following the date of the advance and will be repayable on maturity by delivery of a specific number of ounces of gold. The amount will be calculated at a discount to the spot price depending on the then-current London Bullion Market Association closing price. The Loan, to be secured by a first ranking general security agreement over the company's assets, is forecast to close by April 30, 2021.The Kenville Gold Mine was previously held by Anglo Swiss Resources, which in 2009 produced a NI 43-101 report that disclosed a Measured and...