Yahoo Finance Globex Receives $3,000,000 Payment from Yamana
ROUYN-NORANDA, Quebec, July 07, 2022 (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 Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that it has received a three-million-dollar cash payment from Yamana Gold Inc. The payment is the second in a series of five payments payable to Globex over a 5-year period from the sale of the Francoeur/Arntfield/Lac Fortune gold properties to Yamana, for a total of fifteen million dollars ($15,000,000) plus a two percent Gross Metal Royalty (2% GMR). Three annual payments totaling eight million dollars ($8,000,000) remain outstanding. The current three-million-dollar payment is not subject to tax as Globex, under Revenue Canada policies, has already paid the taxes on the full fifteen million dollars receivable.
Globex also received a cash payment of $50,000 from Electro Metals for the Magusi project and $20,000 from Manganese X Energy Corp. as a first advance royalty payment.
Globex is fortunate in that it owns its over 200 assets including royalties as well as real-estate in Rouyn-Noranda and Toronto, has no debt and approximately twenty million dollars in cash and shares ($20,000,000) of other companies. We are currently advancing several projects through exploration including airborne magnetometer surveys, prospecting and mapping, stripping and shortly diamond drilling.
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 |
For further information, contact: | |
Jack Stoch, P.Geo., Acc.Dir. |
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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.
55,467,917 shares issued and outstanding
