Globex: Payments Received, Projects Sold with Retained Gross Metal Royalties
ROUYN-NORANDA, Québec, March 31, 2021 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, L&S Exchange, TTM Zone, Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that it has received the initial $250,000 cash payment from Electric Royalties Inc. (ELEC-TSXV) as outlined in Globex’s press release dated March 11, 2021. Under the agreement, the $250,000 payment provides Electric Royalties with a 90 Day period during which they can undertake due diligence and fund raising to finalize the purchase of Globex’s Mid-Tennessee zinc royalty. In addition Globex received the second $50,000 option payment from Starr Peak Mining (STE-TSXV) pursuant to the Normetmar/Normetal/Lac Turgeon/Rousseau option agreement. Globex retains a 2.5% GMR on these properties.
In other news, Globex has optioned the Massif du Nord and Lac Suzanne copper/nickel projects to Canada Silver Cobalt Works Inc. (CCW). Under the Massif du Nord agreement, CCW will pay Globex $25,000 in cash and $50,000 in shares over a 1-year period and perform $100,000 in work on the claims. Globex will retain a 2% Gross Metal Royalty. The Lac Suzanne copper/nickel project was transferred by Enertourbe to CCW. The option terms payable to Globex are $50,000 in cash payments within a 12-month period and $100,000 in exploration expenditures. Globex retains a 2% Gross Metal Royalty.
The single Orbit Alumina claim was sold to Alumina Quebec Mines Inc. (AMQ) for 2,000,000 common share purchase warrants exercisable without payment and vesting 100% on the date AMQ affects a transaction pursuant to which it will become a “reporting issuer”. Globex retains a 3% Gross Metal Royalty.
Globex has sold the Pegma copper/nickel/cobalt and zinc property to High Tide Corporation a currently private subsidiary of Avidian Gold Corporation (AVG-V). The property was sold for $10,000 in cash and the issuance of 650,000 High Tide shares at the company’s initial public offering expected before September 30, 2021. Globex retains a 2% Gross Metal Royalty, one percent of which may be purchased for $1.5 million.
Globex has sold the Checkerboard gold property of 6 cells located northeast of Belleterre Quebec to Vior Inc. (VIO-TSXV) for a single payment of 150,000 common shares and a retained 2% Gross Metal Royalty, 1% of which may be purchased for $1 million.
Globex continues through these transactions to expand our royalty portfolio.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 – 2(b)|
|CUSIP Number 379900 50 9
|For further information, contact:|
|Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com