Ximen Mining Corp. (TSXV: XIM) (OTC: XXMMF) (FSE: 1XM) has announced a non-brokered private placement of up to $350,000 to maintain site operations at its Kenville Gold Mine near Nelson, British Columbia, while simultaneously pursuing non-dilutive funding for portal and decline development. The bridge offering, expected to close September 25, 2026, is structured to sustain on-site crew activities over the next 30 days. The company reports that site preparations are well advanced, with equipment on site and power connected, as management targets portal construction commencement toward the end of October 2026.

Key Points

  • Ximen Mining Corp. (TSXV: XIM) (OTC: XXMMF) (FSE: 1XM) is a Vancouver-based precious metals explorer and developer
  • Non-brokered private placement of up to 4,375,000 units at $0.08 per unit for gross proceeds of up to $350,000, expected to close September 25, 2026
  • Each unit comprises one common share and one warrant exercisable at $0.12 for 18 months from issuance; no finder's fees will be paid
  • Investors may watch for updates on non-dilutive funding arrangements and contractor engagement for portal development

Bridge Placement Structure and Use of Proceeds at Kenville

The non-brokered offering consists of up to 4,375,000 units priced at $0.08 each, with each unit comprising one common share and one warrant entitling the holder to acquire an additional share at $0.12 for 18 months from issuance. The units are described as hard-dollar units and are not flow-through units. Proceeds are intended solely to fund continuation of on-site operations at Kenville and to serve as bridge capital while the company works to secure longer-term funding for portal and decline construction. The offering remains subject to TSX Venture Exchange acceptance, and issued securities will carry a four-month-and-one-day hold period under Canadian securities laws.

Non-Dilutive Funding Discussions Still Ongoing With No Agreement Signed

Ximen disclosed it is in active negotiations with several groups regarding non-dilutive capital structures intended to fund mine development at Kenville, with the stated objective of reducing or avoiding equity dilution for existing shareholders. The company indicated it hopes to finalise an arrangement within approximately 30 days. However, the release explicitly states that no definitive agreement has been reached and provides no assurance that financing will be completed on the terms currently under discussion or within the anticipated timeframe. Further details will be announced only if and when definitive arrangements are concluded.

Kenville Site Readiness and October 2026 Portal Construction Target

According to the announcement, site preparations at Kenville are well advanced: equipment is on site, power is connected, and a small crew continues working. Management's assessment indicates no material incremental capital expenditures beyond development funding are currently anticipated. The company states it remains focused on commencing portal construction toward the end of October 2026, subject to financing, outstanding engineering deliverables including foundation and mine-roads stability reports and flood retention pond works, contractor availability, weather, and other customary conditions. Contractor discussions for portal development are also described as ongoing.