Business
Globex Mining Reports Additional Transactions
ROUYN-NORANDA, Quebec, Aug. 14, 2023 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Muni
About this update from Globex Mining Enterprises Inc.
[{"type":"text","content":" ROUYN-NORANDA, Quebec, Aug. 14, 2023 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders of several transactions that have recently been signed or completed by Globex. Globex is pleased to inform shareholders that it has received a cash payment of $2,000,000 from Agnico Eagle as the third payment toward the purchase of the Francoeur/Arntfield property, west of Rouyn-Noranda. Globex is due to receive an additional $6,000,000 over the next 23 months. Globex has signed an option agreement for its 5-claim block, Gwillin Lake gold property in Barlow Township, Quebec with Tomagold Corporation (LOT-V) whereas Tomagold may earn 100% interest in the claims. Under the terms of the option agreement, Tomagold may make cash payments totaling $130,000 over four years, issue 625,000 Tomagold shares upon signing and an additional $100,000 worth of Tomagold shares, in four (4) annual $25,000-value share blocks based upon the Volume Weighted Average Trading Price (VWAP) over a 20-day period preceding the contract anniversary date. Tomagold must also undertake exploration expenditures totaling $1,500,000 to be completed by the fifth anniversary of signing of the option agreement. Globex will retain a 3% Gross Metal Royalty (GMR) on the five claims with Tomagold having the option of reducing the 3% GMR to 2% GMR by a single $1,500,000 cash payment to Globex. Surface sampling undertaken by Globex on the claims returned assays up to 57.1 g/t Au and 0.96% Cu over 1.0 metres in channel sampling. Globex is also a participant with Chibougamau Independent Mines Ltd. (CBG-TSXV) in its option of the 99 claim Chibougamau West Block and the Letter of Intent (LOI), both with Tomagold on Chibougamau’s 127 claim East Block which includes a number of historical copper/gold mines and the recently drilled C-3 copper/gold zone. (Chibougamau’s press release of today’s date). Under the agreements, Globex will now have a 2% Gross Metal Royalty (GMR) on all the claims potentially being purchased under the LOI and option agreements between Tomagold and Chibougamau Independent Mines Ltd. Globex’s 1% Gross Metal Royalty o...