Globex Mining completes $1.04-million private placement

Dec 19, 2016

GLOBEX MINING ENTERPRISES INC. COMPLETES $1,045,000 PRIVATE PLACEMENT

Globex Mining Enterprises Inc. has completed a previously announced private placement of 2.1 million flow-through common shares at a price of 45 cents per share for proceeds of $945,000, and of 250,000 common shares at a price of 40 cents per share for proceeds of $100,000. Globex intends to use the proceeds from the placement of the flow-through shares for exploration on certain of its properties in Quebec and Ontario, and to use the net proceeds from the placement of the common shares for working capital purposes.

First Republic Capital Corp. of Toronto, Ont., acted as lead finder and lead bookrunner for the private placement. In connection with the private placement, Globex paid a finder’s fee to First Republic in an amount of $52,250, representing 5 per cent of the gross proceeds raised in the private placement, and issued 200,000 finder warrants to First Republic, each of which entitles First Republic to purchase one Globex common share at an exercise price of 60 cents for a period of 12 months from the closing date of the private placement.

As a result of the private placement, there are 48,852,706 common shares of Globex issued and outstanding. Under applicable securities legislation, the securities issued in the private placement are subject to a four-month hold period expiring on April 16, 2017.

http://www.globexmining.com/news.php