Thursday, 24 May 2012

Globex to raise $3.15 mln through private financing

Globex Mining Enterprises (TSE:GMX) said Thursday that it plans to raise $3.15 million through a private placement and use funds to advance exploration on its properties.

The explorer plans to sell 2.3 million flow-through shares priced at $1.30 apiece and also plans to sell an extra 139,535 common shares.

Proceeds from the offering will be used for exploration on its properties in Quebec and Ontario as well as for land acquisition and working capital purposes.

Industrial Alliance Securities Inc. will act as lead agent for the private placement, the company said in a statement.

The securities issued will have a four-month hold period. The placement, which is subject to regulatory approval, is expected to close on June 4.

Earlier this month, Globex announced a drilling update on its claims being optioned by Richmont Mines (TSE:RIC).

The claims optioned by Richmont from Globex rest next to Richmont's Wasamac acreage, 15 kilometres west of Rouyn-Noranda, Quebec, in the heart of the Abitibi gold mining district.

Richmont said that to date, 4,222 metres of drilling has been completed in five holes on Globex claims.

The miner also said that three drill holes indicated a new gold discovery at the western boundary of the Globex-optioned claims.

Richmont hit 7.09 grams per tonne (g/t) gold over 5.22 metres. This includes 1.87 g/t gold over 9.24 metres and 4.07 g/t gold over 4.44 metres in the newly discovered zone 4, “which is located on the boundary of the Wasamac property and Globex option.”

Globex Mining’s stock was flat at $1.06 apiece on the Toronto Stock Exchange.

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