Globex Mining Enterprises Inc.

Globex Mining Enterprises Inc.

May 06, 2014 09:29 ET

Globex Announces Closing of Private Placement for $2.5 Million

ROUYN-NORANDA, QUEBEC--(Marketwired - May 6, 2014) -

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Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to announce that it has held a closing of a private placement by issuing 5,307,143 "flow-through" shares at a price of $0.35 per share, for gross proceeds to Globex of $1,857,500, and 1,950,000 units at a price of $0.33 per unit, for gross proceeds to Globex of $643,500. The total proceeds from the closing of the private placement are approximately $2.5 million. Each unit is comprised of one common share and one-half of a common share purchase warrant. Each full warrant gives the holder the right to purchase one additional common share for one year at a price of $0.50.

Globex issued the securities to "accredited investors" in Ontario, Québec and British Columbia. Globex will use the proceeds from the issuance of the "flow-through" shares for exploration on certain of its properties in Québec and Ontario. The net proceeds from the issuance of the units will be used for working capital.

The shares issued today are subject to a four-month "hold-period" ending on September 6, 2014 under applicable Canadian securities legislation. As a result of the closing, Globex has 40,793,755 common shares issued and outstanding.

Globex paid a fee of $122,500 to Secutor Capital Management Corporation for services rendered in relation to the financing.

We Seek Safe Harbour. Foreign Private Issuer 12g3 - 2(b)
CUSIP Number 379900 50 9

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