Mining
Thursday, June 13th, 2024 3:42 pm EDT
Key Points
- Globex Mining Enterprises Inc. has received the third payment of $3 million from Agnico Eagle Mines Limited for the purchase of the Francoeur/Arntfield/Lac Fortune Gold Mines property in Quebec.
- Globex retains a 2% Gross Metal Royalty on all potential production from the property and holds shares in Agnico Eagle and Pan American Silver with a current total market value of $5,139,074.58, reflecting a market gain of $1,139,000.
- Taxes on the $15 million purchase price were paid upfront, making the funds received tax-free.
ROUYN-NORANDA, Quebec, June 13, 2024 (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 Exchangesand GLBXF – OTCQX International in the US) is pleased to inform shareholders that Globex has received the third of four payments, a cash payment of three million dollars ($3,000,000) from Agnico Eagle Mines Limited for the purchase of Globex’s Francoeur/Arntfield/Lac Fortune Gold Mines property located in Dasserat and Beauchastel townships, Quebec.
The sale was originally announced in a press release dated June 22, 2021.
Globex retains a 2% Gross Metal Royalty on all potential production from the property.
Globex also holds 24,639 shares of Agnico Eagle at a current price of $90.17 with a market value of $2,221,169.60 and 105,074 shares of Pan American Silver at a current price of $27.77 with a market value of $2,917,904.98. These shares which have a current total value of $5,139,074.58, were received in exchange for 706,714 Yamana Gold Inc. shares, the original purchaser of the property which had a market value of $4,000,000 at that time. Holding the shares rather than selling them has resulted in a market gain of $1,139,000 for Globex. Taxes on the entire $15,000,000 purchase price was paid up front so, the funds currently received are in essence tax free.
This press release was written by Jack Stoch, P. 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 Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 | Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com 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, 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.
