Globex Mining Enterprises : Completes Sale of Francoeur/Arntfield/Lac Fortune Gold Property to Yamana Gold Inc. for $15 Million
June 22, 2021 at 12:07 pm EDT
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PRESS RELEASE
Globex Mining Enterprises Inc.
"At Home in North America"
55,059,817 shares issued and outstanding
June 22, 2021
Globex Completes Sale of Francoeur/Arntfield/Lac Fortune
Gold Property to Yamana Gold Inc. for $15 Million
Rouyn-Noranda, Quebec, 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 USA) is pleased to inform shareholders that it has completed its previously-announcedsale to Yamana Gold Inc. (TSX:YRI; NYSE:AUY; LSE:AUY) of the Francoeur/Arntfield/Lac Fortune gold property in Abitibi, Québec as well as 30 claims in Beauchastel township and three claims in Malartic township, Québec. The Francoeur/Arntfield/Lac Fortune property adjoins Yamana's Wasamac Gold Mine project.
At closing, Globex received an initial payment of $4,000,000 from Yamana, satisfied by Yamana issuing 706,714 shares to Globex at a deemed price of $5.66 per share. As previously announced, the Purchase Agreement provides that Yamana will make the following additional cash payments to Globex, which Globex may elect to receive in Yamana shares:
On:
- first anniversary of closing:
$3,000,000
- second anniversary of closing:
$2,000,000
-
third anniversary of closing:
$3,000,000
-
fourth anniversary of closing:
$3,000,000
Globex retained a 2% Gross Metal Royalty on all mineral production from the properties, of which 0.5% may be purchased by Yamana for $1,500,000.
The 706,714 Yamana shares issued to Globex at closing are subject to restrictions on resale for a period of four months.
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.
We Seek Safe Harbour.
Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 50 9
LEI 529900XYUKGG3LF9PY95
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Tel.: 819.797.5242
Globex Mining Enterprises Inc.
Fax: 819.797.1470
86, 14th Street
info@globexmining.com
Rouyn-Noranda, Quebec Canada J9X 2J1
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 expectations and projections of Globex Mining Enterprises Inc. ("Globex"). No assurance can be given that any events anticipated by the forward- looking information will transpire or occur, including closing of the transaction with Yamana Gold Inc., or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the "Annual Information Form" filed by Globex on SEDAR at www.sedar.com.
Globex Mining Enterprises Inc. published this content on 22 June 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 June 2021 16:06:01 UTC.
Globex Mining Enterprises Inc. is a Canada-based company, which is focused exploration and development property bank which operates under the project generator business model. The Company's mineral portfolio consists of exploration, development and royalty properties which contain base metals (copper, nickel, zinc, lead), precious metals (gold, silver, platinum, palladium), specialty metals and minerals (manganese, vanadium, titanium dioxide, iron, molybdenum, lithium, cobalt, scandium, antimony, rare earths and associated elements) and Industrial Minerals (mica, silica, potassic feldspar, pyrophyllite, kaolin, dolomite as well as talc and magnesite). The Company's properties consist of Timmins Talc-Magnesite, Laguerre-Knutson, Courville, Beauchastel - Rouyn, Cavalier, Great Plains (Clermont), Joutel, Red Star Project, Rouyn-Merger, Ruisseau Marriott, Sheen Lake Property, Shortt Lake Mine, Smith-Zulapa-Vianor, and Salt Spring property, among others.