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Globex Receives Another $3,000,000

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Globex Receives Another $3,000,000

 

 

 

 

 

GLOBEX MINING ENTERPRISES INC. (TSX:GMX)  (FRA:G1MN)  (OTCQX:GLBXF) is pleased to inform shareholders that Globex has received the third of four payments, a cash payment of three million dollars ($3,000,000) from Agnico Eagle Mines Limited for the purchase of Globex’s Francoeur/Arntfield/Lac Fortune Gold Mines property located in Dasserat and Beauchastel townships, Quebec.

 

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

 

Globex retains a 2% Gross Metal Royalty on all potential production from the property.

 

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

 

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

 

Posted June 14, 2024

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