November 29, 2016 09:30 ET
ROUYN-NORANDA, QUÉBEC--(Marketwired - Nov. 29, 2016) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES, OR DISSEMINATION IN THE UNITED STATES
GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF)(TRADEGATE) announces that it will effect a private placement for maximum gross proceeds to Globex of $1,000,000. The private placement will consist of up to 2,000,000 "flow-through" common shares at a price of $0.45 per share for maximum proceeds to Globex of $900,000 and up to 250,000 common shares at a price of $0.40 per share for maximum proceeds to Globex of $100,000. Globex intends to use the proceeds from the placement of the "flow-through" shares for exploration on certain of its properties in Quebec, New Brunswick and Ontario and to use the net proceeds from the placement of the common shares for working capital purposes.
In connection with the private placement, Globex has engaged First Republic Capital Corporation ("First Republic") of Toronto, Ontario as lead "finder" and lead book runner. At the closing of the private placement, Globex will pay First Republic a fee equal to 5% of the gross proceeds from the private placement and will issue 200,000 finder's warrants to First Republic, each of which will entitle First Republic to purchase one Globex common share at an exercise price of $0.60 for a period of 12 months from the closing date of the private placement.
The private placement, which is expected to close on or about December 15, 2016, is subject to regulatory approval, including that of the Toronto Stock Exchange.
46,502,706 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining Enterprises Inc.819.797.5242819.797.1470 (FAX)email@example.com
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