ROUYN-NORANDA, QUÉBEC--(Marketwired - Jan. 27, 2014) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) announces that it has disposed of 4,860,200 common shares of Mag Copper Limited (CNX:QUE), representing, to Globex's knowledge, 6.40% of the issued and outstanding common shares of Mag Copper. As a result of this disposition, Globex has ownership of, and control and direction over, an aggregate of 8,639,800 common shares of Mag Copper, representing to Globex's knowledge, 11.37% of the issued and outstanding common shares of Mag Copper.
Globex disposed of the 4,860,200 shares on January 27, 2014 in a private transaction with Chibougamau Independent Mines Inc., the whole in accordance with its plan of arrangement that became effective on December 28, 2012. The 4,860,200 shares were disposed by Globex at a deemed price of $0.015 per share, representing an aggregate value of $72,903.
Globex is holding the 8,639,800 shares of Mag Copper for investment purposes, and may, in accordance with applicable securities laws, from time to time and at any time, acquire ownership of, or control or direction over, additional securities of Mag Copper in the open market or otherwise. Globex reserves the right to dispose of any or all of its securities of Mag Copper in the open market or otherwise, at any time and from time to time, and to engage in any hedging or similar transactions with respect to the securities, the whole depending on market conditions, the business and prospects of Mag Copper and other relevant factors.
33,536,612 shares issued and outstanding
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||Foreign Private Issuer 12g3 - 2(b)
||CUSIP Number 379900 50 9