VANCOUVER, British Columbia, May 12, 2014 (GLOBE NEWSWIRE) -- Ximen Mining Corp. (TSX-V:XIM) (the "Company" or "Ximen") announces an update to due diligence agreement signed between the Company and Huldra Silver Inc. (TSX-V:HDA) ("Huldra Silver"), the Company has delivered a letter to the Board of Directors of Huldra Silver indicating it wishes to enter into formal discussions to explore a business combination in the best interests of both parties. At present the negotiations are at a very early stage and no agreement has been reached whatsoever. Any agreement reached will be subject to Ximen's assessment and approval of terms with key unsecured creditors and equity stakeholders of Huldra Silver. Without satisfactory arrangements being made with such unsecured creditors and stakeholders, Ximen will not be proceeding with the proposed acquisition.
Under the proposed offer presented to Huldra's board, Ximen would satisfy in full the creditor who has security over all the assets of Huldra Silver and its subsidiaries, this would be done via a debt swap replacing one secured creditor with a new one. Secondly the unsecured debenture holders and trade payables would be satisfied with a share and or cash combination yet to be finalized and thirdly Ximen will acquire all of the issued and outstanding shares of Huldra Silver in share exchange arrangement yet to be outlined.
Huldra Silver's board has confirmed in writing that they are in general agreement with the proposed terms. Ximen and Huldra plan to immediately start the formal process of finalizing an agreement. Ximen expects to finalize its terms with key unsecured creditors prior to May 26th or terminate negotiations.
About Ximen Mining Corp.
Ximen Mining Corp. owns 100 percent interest in its two projects, Gold Drop Project and Brett Gold Project located in southern British Columbia. Recently the company has entered into a due diligence agreement with Huldra Silver Inc. for the purposes of determining the feasibility, terms and conditions of a proposal for the acquisition of Huldra Silver. Ximen is a publicly listed company trading on the TSX Venture Exchange under the symbol XIM, and is listed on the Frankfurt, Munich, and Berlin Stock Exchanges in Germany under the symbol 1XM and WKN number is A1W2EG.
On behalf of the Board of Directors,
"Christopher R. Anderson."
Christopher R. Anderson, President, CEO and Director, Ximen Mining Corp.
For further information, please contact Ward Kondas 604-488-3900 or by email at firstname.lastname@example.org.
This press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future exploration drilling, exploration activities and events or developments that the Company expects, are forward looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include exploitation and exploration successes, continued availability of financing, and general economic, market or business conditions.
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.