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    CBG   CA1671012039

CHIBOUGAMAU INDEPENDENT MINES INC.

(CBG)
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SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

GLOBEX MINING ENTERPRISES INC. - Vanadium One and Glencore Enjoin to Support Development of the Mont Sorcier Iron and Vanadium Project

05/13/2021 | 09:38am EDT

ROUYN-NORANDA - Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1-Frankfurt, Stuttgart and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US) and GLOBEX MINING ENTERPRISES INC. are pleased to inform shareholders that Vanadium One Iron Corp. (VONE-V) has enlisted the support of Glencore plc one of the worlds largest commodity traders to aid in the development of the Mont Sorcier iron and vanadium project located just east of Chibougamau, Quebec.

The companies have entered into a finance raising assistance agreement and a separate concentrate offtake agreement to support the ongoing development and the eventual construction and production of the Mont Sorcier iron and vanadium project.

Chibougamau Independent Mines Inc. holds a 2% Gross Metal Royalty on all mineral production from the property and Globex Mining Enterprises retains a 1% Gross Metal Royalty on Mont Sorcier iron production. Globex also owns 3 million shares of Electric Royalties (ELEC-V) that retains a 1% Gross Metal Royalty on Mont Sorcier vanadium production. Under an agreement with Electric Royalties related to Globex's potential sale of its Mid-Tennessee zinc royalty, to Electric Royalties, if completed, Globex will receive an additional 14,500,000 Electric Royalty shares.

Chibougamau Independent Mines and Globex are pleased with this major step forward by Vanadium One toward eventually achieving production.

Contact:

Jack Stoch

Tel: 819.797.5242

Fax: 819.797.1470

Email: info@globexmining.com

Web: www.globexmining.com

Forward Looking Statements

Except for historical information this News Release may contain certain 'forward looking statements'. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections.

(C) 2021 Electronic News Publishing, source ENP Newswire

Stocks mentioned in the article
ChangeLast1st jan.
CHIBOUGAMAU INDEPENDENT MINES INC. 0.00% 0.28 Delayed Quote.69.70%
ELECTRIC ROYALTIES LTD. 10.11% 0.49 Delayed Quote.100.00%
GLENCORE PLC 1.31% 314.15 Delayed Quote.34.83%
GLOBEX MINING ENTERPRISES INC. -7.03% 1.19 Delayed Quote.72.46%
VANADIUM ONE IRON CORP. -4.08% 0.235 Delayed Quote.80.77%
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Financials
Sales 2020 - - -
Net income 2020 -0,25 M -0,20 M -0,20 M
Net cash 2020 1,19 M 0,97 M 0,97 M
P/E ratio 2020 -30,7x
Yield 2020 -
Capitalization 15,0 M 12,1 M 12,2 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 72,2%
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Managers and Directors
NameTitle
Jack Stoch President, Chief Executive Officer & Director
Marie-JosÚe Audet Chief Financial Officer
Rimant V. Zalnieriunas Independent Director
Samuel R. Bosum Independent Director
David J. Leclaire Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
CHIBOUGAMAU INDEPENDENT MINES INC.69.70%12
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