Globex Mining Enterprises (TSE:GMX) (OTCQX:GLBXF) says it has held the first close of its private placement financing announced last month, raising an increased total of around $3.3 million.
The company issued 2.55 million flow through shares, at a price of $1.30 each, and 20,000 common shares at $1.05 each.
Globex said it issued the shares to accredited investors in Ontario, Quebec and British Columbia.
The miner will use the new funds for exploration on its properties in Quebec and Ontario, as well as for working capital.
Casimir Capital and Marquest Asset Management acted as co-lead agents for the placement, with additional closings to be held until December 6.
The company said it will issue a maximum of $5.26 million in flow through shares, and $637,500 in common shares, for up to around $5.9 million in total proceeds.
The maximum amount was previously $4.25 million.
Earlier this month, Globex Mining acquired a 100 per cent stake in the former Joutel copper mine in Joutel township, northwestern Quebec. The mine produced 1.32 million tonnes grading 2.16% copper and 378,000 tons grading 8.88% zinc, to a depth of 365 metres, where it was believed that the ore body terminated against the shallowly dipping "upper contact of a batholith", Globex said.
The addition of the Joutel copper mine property to Globex's land holdings in the area, which include the 100% owned Eagle Gold and Poirier Mines and a large package of prospective claims, gives the company "a dominant position with excellent exploration potential" in the Joutel mining camp.
Globex is also in the midst of its proposed spin out of its subisidary Chibougamau Independent Mines (CIM) to its shareholders. The company's shareholders approved the arrangement at a special meeting on October 19, with an affirmative vote of 99.95 per cent.
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