Globex Mining Enterprises (TSE:GMX) announced late Friday a first closing of its previously announced private placement, raising $1.3 million in gross proceeds.
The miner issued 998,538 “flow-through” shares priced at $1.30 per share to accredited investors in both Quebec and Ontario.
Globex plans to use the new funds to finance exploration on some of its properties in Quebec.
Industrial Alliance Securities is acting as lead agent for the up to
$3.3 million financing. Additional closings for the private placement
may be held until June 26, the company said.
The issued shares are subject to a four-month hold period, which expires on October 9.
Last month, Quebec-focused Globex announced a drill 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 at the time that 4,222 metres of drilling had 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
included 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.”