| March 31, 2021 – Rouyn-Noranda, Québec, Canada. 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. |
Globex: Payments Received, Projects Sold with Retained Gross Metal Royalties
