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Globex Receives $3,000,000 Payment from Yamana

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Globex Receives $3,000,000 Payment from Yamana

 

 

 

 

 

GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRA:G1MN) (OTCQX:GLBXF) is pleased to inform shareholders that it has received a three-million-dollar cash payment from Yamana Gold Inc. The payment is the second in a series of five payments payable to Globex over a 5-year period from the sale of the Francoeur/Arntfield/Lac Fortune gold properties to Yamana, for a total of fifteen million dollars ($15,000,000) plus a two percent Gross Metal Royalty (2% GMR). Three annual payments totaling eight million dollars ($8,000,000) remain outstanding. The current three-million-dollar payment is not subject to tax as Globex, under Revenue Canada policies, has already paid the taxes on the full fifteen million dollars receivable.

 

Globex also received a cash payment of $50,000 from Electro Metals for the Magusi project and $20,000 from Manganese X Energy Corp. as a first advance royalty payment.

 

Globex is fortunate in that it owns its over 200 assets including royalties as well as real-estate in Rouyn-Noranda and Toronto, has no debt and approximately twenty million dollars in cash and shares ($20,000,000) of other companies. We are currently advancing several projects through exploration including airborne magnetometer surveys, prospecting and mapping, stripping and shortly diamond drilling.

 

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.

 

55,467,917 shares issued and outstanding

 

Posted July 7, 2022

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