Proactive Investors - Run By Investors For Investors

Globex Mining closes C$900K private placement to fund exploration in eastern Canada

Rouyn-Noranda-based Globex plans to use the proceeds to explore its properties in Quebec, Nova Scotia and Ontario
calculator
Globex has a total of 168 projects in its mineral portfolio

Globex Mining Enterprises Inc (TSE:GMX) announced Wednesday that it closed the first tranche of a C$900,000 in financing to fund exploration at its eastern Canadian projects.

The mining company issued 1.5 million flow-through shares at C$0.40 for non-Quebec subscribers and nearly 670,000 flow-through shares at C$0.45 to subscribers residing in the province.

Rouyn-Noranda-based Globex plans to use the C$900,000 to explore its properties in Quebec, Nova Scotia and Ontario, it said in a release.

READ: Globex Mining says drilling kicks off at Bateman Bay property in Quebec

Post-transaction, Globex will have around 53.5 million shares issued and outstanding. Shares are subject to a four-month holding period.

The company noted that it may hold additional closings for a maximum of 666,666 additional flow-through shares to Quebec subscribers at C$0.45 per share.

CEO Jack Stoch purchased 150,000 flow-through shares for a total of C$60,000 as part of the private placement.

Globex shares slipped 1.3% on Wednesday afternoon at C$0.37.

Globex, a property bank, has 80 gold projects, 57 base metals properties and more than 29 specialty minerals projects for a total of 168 assets.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

View full GMX profile View Profile

Globex Mining Timeline

Related Articles

The Tran-Siberian railway
May 14 2019
The miner is advancing the Sergeevskoe gold project in the Mogocha district of the Zabaikal’skiy region
1560864702_shutterstock_249210421-(1).jpg
June 18 2019
Chaarat is looking to expand the resource at Tulkubash
Underground mine
March 28 2019
This exploration, royalty and property bank and boasts no less than 168 assets
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use