Globex Announces First Closing of Private Placement

ROUYN-NORANDA, QUÉBEC--(Marketwired - Oct. 21, 2013) -

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GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to announce that it has held a first closing of a private placement by issuing an aggregate of 3,068,730 "flow-through" shares at a price of $0.50 per share, for gross proceeds to Globex of $1.53 million, and by issuing 607,529 common shares at a price of $0.45 per share, for gross proceeds to Globex of $273,388. Globex issued the shares to "accredited investors" in Ontario and Québec. 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 proceeds from the issuance of common shares will be used for working capital.

In connection with the private placement, Globex paid finders fees to certain registered dealers in the aggregate amount of $116,854. Additional closings of the private placement may be held until November 15, 2013, subject to the issuance of a maximum of $2 million in "flow-through" shares and a maximum of $600,000 in common shares, for total maximum gross proceeds of approximately $2.6 million.

The shares issued today are subject to a four-month "hold period" ending on February 22, 2014 under applicable Canadian securities legislation. As a result of the first closing, Globex has 31,572,277 common shares issued and outstanding.