- Globex Mining Enterprises (GMX) has received a three-million-dollar cash payment from Yamana Gold Inc.
- The payment is the second in a series of 5 payments payable to Globex over a 5-year period from the sale of the Francoeur/Arntfield/Lac Fortune gold properties to Yamana
- Three annual payments totalling eight million dollars ($8,000,000) remain outstanding
- Globex Mining Enterprises Inc is a Canada based exploration company
- Globex Mining Enterprises Inc. was unchanged at C$0.99 at 12:06 PM ET
Globex Mining (GMX) has received a three-million-dollar cash payment from Yamana Gold Inc.
The payment is the second in a series of five payments payable to Globex over a five-year period from the sale of the Francoeur/Arntfield/Lac Fortune gold properties to Yamana, for a total of fifteen million dollars ($15,000,000) plus a two percent Gross Metal Royalty (two per cent GMR).
Three annual payments totalling eight million dollars ($8,000,000) remain outstanding. The current three-million-dollar payment is not subject to tax as Globex, under Revenue Canada policies, has already paid the taxes on the full fifteen million dollars receivable.
Globex also received a cash payment of $50,000 from Electro Metals for the Magusi project and $20,000 from Manganese X Energy Corp. as a first advance royalty payment.
Globex is fortunate in that it owns its over 200 assets including royalties as well as real-estate in Rouyn-Noranda and Toronto, has no debt and approximately twenty million dollars in cash and shares ($20,000,000) of other companies.
The company is advancing several projects through exploration, including airborne magnetometer surveys, prospecting and mapping, stripping, and diamond drilling.
Globex Mining Enterprises Inc is a Canada-based exploration company, engaged in the acquisition, development, and exploration of mineral properties in North America.
Globex Mining Enterprises Inc. was unchanged at C$0.99 at 12:06 PM ET.