Globex Mining Enterprises Inc.

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

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

Quick facts: Globex Mining Enterprises Inc.

Price: $0.40

Market: TSX
Market Cap: $21.49 m

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