Globex Mining Enterprises (TSE:GMX)(OTCQX:GLBXF) announced Wednesday the second closing of its previously announced private placement, raising $453,000 in gross proceeds.
The miner issued 348,599 “flow-through” shares at a cost of $1.30 each to accredited investors in Quebec and Ontario.
Globex said it will put the proceeds toward exploration on some of
its properties in those provinces. As of now, the company has raised an
approximate total of $1.75 million in the private placement financing.
Industrial Alliance Securities is lead agent for the placement, which is in a maximum amount of $3.15 million, the company said.
The Quebec-based company reported last Friday that drilling is
scheduled to start within the next week on eight priority targets at its
Turner Falls rare earths property in Quebec.
Globex said that extensive surface sampling, geological mapping and
geophysical surveys have outlined a number of areas of mineralization,
with high, heavy and light rare earth values.
The company completed a mapping, geophysics, and limited stripping
and sampling program on the property in the summer and fall seasons of
The program, which was intended to sample a historical rare earth
showing indicated from government geological files, involved the testing
of 331 rock samples and 139 boulder samples.
The highest grade returned from a single sample found 9.29 per cent
total rare earth oxide (TREO). Meanwhile, another single sample returned
1.32 per cent heavy rare earth oxide (HREO). HREOs are rarer and more
valuable than light REOs.
The Turner Falls property consists of 16 contiguous claims totaling
942-hectares and rests mainly in the Villedieu Township, Quebec.
Globex has a North American portfolio of mid-stage exploration and
development properties containing a range of precious metals, base
metals, specialty metals, and industrial minerals and compounds.
Shares of Globex traded at $1.17 Wednesday morning.