GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRA:G1MN) (OTCQX International:GLBXF) is pleased to inform shareholders that it has agreed to sell its Mid-Tennessee Zinc Mines royalty to Electric Royalties Inc. (TSX-V:ELEC) for the following consideration:
$250,000 for an exclusive 90-day due diligence and funding period by Electric Royalties. Should the transaction proceed per the terms agreed to below, this cash payment shall be deducted from the final cash portion of the purchase price indicated below. Should the transaction not proceed, Globex will keep this initial cash payment.
Purchase Consideration Payable within 90 days:
In addition to the Mid-Tennessee Mines Zinc Royalty, Electric Royalties is acquiring a 1% Gross Metal Royalty on Globex’s 100% owned Glassville, New-Brunswick, manganese exploration property.
This is the second transaction through which Globex has sold battery element royalties to Electric Royalties Inc. Globex currently holds 3,000,000 Electric Royalty shares and looks forward to increasing our position in this dynamic battery element oriented royalty company.
Globex at present owns 192 assets including over 70 royalties, has more than $10,000,000 in cash and shares of other companies and no debt. At the projected completion of this transaction, Globex should have approximately $30,000,000 in cash and shares.
In addition, Globex is currently working to finalize a number of potential property options to other parties.
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.
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