ROUYN-NORANDA, Quebec, July 13, 2020 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that Globex has sold a number of noncore specialty mineral royalties to a new energy centric royalty company, Electric Royalties Ltd. (ELEC-TSXV). In exchange for the royalties or portions of royalties Globex will receive $500,000 and 3,000,000 Electric Royalties shares, representing 6.93% of Electric Royalties issued capital. Should the Authier Lithium deposit reach commercial production within 6 years of agreement, Globex will receive an additional $250,000 cash payment adjusted for inflation.
Included in the transaction are the following:
- 1% GMR (Vanadium Only) of Globex’s 1% Gross Metal Royalty (GMR) on the Mont Sorcier Iron-Vanadium-Titanium deposit, east of Chibougamau, Quebec. Globex retains the 1% GMR on the Iron and Titanium and any other minerals recovered.
- 0.5% GMR of Globex’s 1% GMR on the claim centered upon Sayona’s Authier Lithium deposit near La Motte, Quebec.
- 0.5% GMR of 2% GMR and 2% GMR on a number of claims nearby the Authier Lithium deposit.
- 2% GMR on two Lithium exploration projects (Chubb & Bouvier), located north of La Motte, Quebec.
- 2% GMR of Globex’s 3% GMR on the Battery Hill Manganese deposit in New Brunswick.
Globex is pleased to be reaping immediate benefit from these assets and expects to partake in the upside from both our retained portions of royalties on these assets and the growth of Electric Royalties.
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 |
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| 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 [email protected] 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
54,631,852 shares issued and outstanding
