Globex Closes an Additional $530,000 Private Placement and Other News
October 19 2011 - 9:22AM
Marketwired
GLOBEX MINING ENTERPRISES INC.
(TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to inform
shareholders that it has completed a private placement by issuing
200,000 "flow-through" common shares at a price of $2.65 per share
to three "accredited investors", resident in the Province of
Ontario for gross proceeds to Globex of $530,000. Globex will use
the proceeds from the private placement for exploration on its
projects in Quebec, Ontario, Nova Scotia and New Brunswick.
Globex paid no commission and did not issue any warrants or
broker warrants in connection with the private placement.
Under applicable securities legislation and the policies of the
Toronto Stock Exchange, the shares issued in the private placement
are subject to a hold period expiring on February 19, 2012.
Considering the turmoil in the markets, Globex wishes to thank
the investors who purchased the shares, for their confidence in the
future of the Company, our assets, their intrinsic value and long
term potential.
In other news, Xmet Inc. announced that additional trenching and
channel sampling on the Duquesne West property returned up to 12.25
g/t Au over 1.3 m and 3.18 g/t Au over 4.2 m and confirmed Xmet's
expectations regarding continuity of the mineralization. Xmet is
presently undertaking a 7,000 meter drill program on the property
including shallow detailed drilling of the Shaft Gold Zone. (See
Xmet press release dated October 18, 2011).
Globex has recently acquired by staking 97 claims in Guyenne
Township, Quebec covering an area of gold mineralization exposed in
trenches and in historical drilling of up to 9.8 g/t Au over 1.5 m
and 5.9 g/t Au over 6.2 m. Prospecting has started on the
property.
Following the intersection of massive copper, zinc, silver and
gold mineralization at Globex's Tonnancour property (see press
releases dated August 8 and 10, 2011), Globex staked additional
claims, more than doubling the size of the property and covering
extensions of the geology that enclose the mineralized zone and a
number of isolated electromagnetic anomalies. We also have enlarged
a number of other properties including our Fish Lake and Courville
Gold packages, Duvan Copper property, Berrigan gold, zinc, silver
property and added a significant number of claims in the area of
our Eagle gold and Poirier base metal mines.
As regards our royalty interest in the Getty lead-zinc deposit
owned by Selwyn Resources Ltd. in Nova Scotia, it was announced on
October 17, 2011 that a proposed senior bond financing was
terminated. We expect this will result in a delay in the
development of the Getty deposit and potential royalty
payments.
At the Mooseland Gold Mine in Nova Scotia, NSGold Corp.
continues to intersect good gold values of up to 8.99 g/t Au over
4.8 m, 13.73 g/t Au over 1.5 m, 107.0 g/t Au over 0.5 m (see NSGold
press release dated October 18, 2011).
At the Russian Kid Gold Mine (Rocmec 1), a Globex royalty
property, Rocmec Mining Inc. has announced (press release October
18, 2011) that they intend to spend $500,000 investigating the
Boucher veins by drilling to provide a better understanding of the
veins "prior to driving a ramp and undertaking further resource
definition drilling."
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 10 3
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
Contacts: Jack Stoch, P.Geo., Acc.Dir. President & CEO
Globex Mining Enterprises Inc. 819.797.5242 819.797.1470
(FAX)info@globexmining.comwww.globexmining.com
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