ROUYN-NORANDA, QUÉBEC--(Marketwired - Dec. 5, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES.
GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN) is pleased to announce that it has completed a private placement of 846,153 "flow-through" common shares at a price of $0.65 per share for proceeds to Globex of $550,000. The $0.65 issue price is at a 55 % premium to the current market price for Globex's shares. Globex intends to use the proceeds from the private placement for exploration on certain properties in Quebec, New Brunswick and Ontario.
As a result of the private placement, Globex has 51,053,577 common shares issued and outstanding. Under applicable securities legislation, the "flow-through" shares issued in the private placement are subject to a four-month hold period expiring on April 2, 2018.
Globex also wishes to inform shareholders that 1,551,975 common share purchase warrants have expired and that an additional 1,520,000 common share purchase warrants will likely expire by December 15, 2017 without being exercised, having regard to their exercise price.
Subject to the expiry of warrants as indicated above and with the issuance of the 846,153 "flow-through" common shares, Globex has 54,101,077 shares on a fully-diluted basis, 2,225,822 shares less on a fully-diluted basis than prior to the private placement financing.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 - 2(b)|
|CUSIP Number 379900 50 9|
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.
51,053,577 shares issued and outstanding