Globex Receives Another $3,000,000 | Financial Post

Article content

Rouyn-Noranda, Quebec, June 13, 2024 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf, Quotrix Düsseldorf Stock Exchangespecific
and GLBXF – International OTCQX in the US) Globex is pleased to inform shareholders that it has done just that Received the third of four payments, a cash payment of three million dollars ($3,000,000). From Agnico Eagle Mines Limited to acquire Globex's Francoeur/Arntfield/Lac Fortune Gold Mines property located in Dasserat and Beauchastel, Quebec.

Article content

The sale was originally announced in a press release dated June 22, 2021.

Globex retains a 2% gross mineral royalty on all potential production from the property.

Globex also owns 24,639 shares of Agnico Eagle at the current price of $90.17 with a market value of $2,221,169.60 and 105,074 shares of Pan American Silver at the current price of $27.77 with a market value of $2,917,904.98. These shares, with a present total value of $5,139,074.58, were received in exchange for 706,714 shares of Yamana Gold Inc. stock, the original purchaser of the property which had a market value of $4,000,000 at the time. Holding the shares rather than selling them resulted in a market gain of $1,139,000 for Globex. Taxes on the entire $15,000,000 purchase price were paid upfront, so the money received is currently essentially tax-free.

This press release was written by Jack Stotch, P.Geo., President and CEO of Globex as a Qualified Person (QP) under NI 43-101.

Article content

Forward-looking statements: Except for historical information, this press release may contain certain “forward-looking statements.” These statements may involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, level of activity and performance to differ materially from Globex Mining Enterprises Inc.'s expectations and projections. (“Globex”). No assurance can be given that any events anticipated by forward-looking information will occur or occur, or if any of them do occur, what benefits Globex will derive from them. A more detailed discussion of risks is available in the Annual Information Form provided by Globex on SEDAR at www.sedar.com.

55,204,836 shares issued and outstanding

Share this article in your social network