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.
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.
from the offering will be used for exploration on its properties in
Quebec and Ontario as well as for land acquisition and working capital
Industrial Alliance Securities Inc. will act as lead agent for the private placement, the company said in a statement.
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).
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.
miner also said that three drill holes indicated a new gold discovery
at the western boundary of the Globex-optioned claims.
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.