Globex Mining Enterprises (TSE:GMX) announced Wednesday that it has completed a private placement raising $530,000, and plans to use the funds for exploration on its projects in Canada.
The miner sold 200,000 flow-through shares for a cost of $2.65 a share to three accredited investors residing in Ontario, the company said in a statement.
Globex paid no commission, and did not issue any warrants or broker warrants tied to the financing. However, the securities issued have a hold period that expires on February 19, 2012.
Proceeds will be used for exploration on its projects in Quebec, Ontario, Nova Scotia as well as New Brunswick.
In other news, Globex said that with regards to its royalty interest in the Getty lead-zinc deposit in Nova Scotia – which is owned by Selwyn Resources (CVE:SWN) – it expects to see delay in development and potential royalty payments, as Selwyn announced earlier this week it terminated a proposed $30 million senior bond financing.
Globex Mining is a development-stage Canadian mining exploration company with a North American portfolio of properties with gold, copper, zinc, silver, platinum, uranium, rare earth, nickel, magnesium and talc potential.
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