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News
04.07.2011
Globex Receives Large Share Position of Mag Copper Limited
Globex Receives Large Share Position of Mag Copper Limited
Rouyn-Noranda, Quebec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1M – Frankfurt, Stuttgart, Berlin, Munich, Xetra Stock Exchanges and GLBXF – International OTCQX) is pleased to inform shareholders that it has received 13,500,000 shares of Mag Copper Limited (QUE-CNSX) in partial payment of the purchase price for Globex’s Magusi-Fabie polymetallic (Cu, Zn, Au, Ag) mine property north of Rouyn-Noranda, Quebec.
Under the agreement announced by Globex in a press release dated April 6, 2011, Mag Copper may earn a 100% interest in the Magusi-Fabie mine property by issuing 13,500,000 Mag Copper shares, making cash payments totalling $1,075,000 over three years, incurring $10,250,000 in expenditures on the property over a four-year period, and reserving a 3% Gross Metal Royalty on production for Globex, 1% of which may be purchased for $5,000,000.
The cash value of the shares issued to Globex as of yesterday’s closing share price is $4,725,000. The 13,500,000 shares were issued by Mag Copper at a deemed price of $0.125 per share, taking into account the one-for-five share consolidation recently announced by Mag Copper.
The 13,500,000 common shares of Mag Copper represent approximately 41.2% of the issued and outstanding common shares of Mag Copper. Prior to this transaction, Globex did not hold, directly or indirectly, or exercise control and direction over, any shares of Mag Copper.
Globex acquired the 13,500,000 shares for investment purposes and may make additional investment in, or dispositions of, securities of Mag Copper, depending on price, availability and general market conditions.
A copy of the “early warning report” filed by Globex in connection with this transaction may be obtained from Jack Stoch, President of Globex. Mr. Stoch may be contacted at the address set out below (telephone number 819 797-5242).
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101
We Seek Safe Harbour.
Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 10 3
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
info@globexmining.com
www.globexmining.com
Forward Looking Statements
Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available in the “Annual Information Form” filed by the Company on SEDAR at www.sedar.com
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Rouyn-Noranda, Quebec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1M – Frankfurt, Stuttgart, Berlin, Munich, Xetra Stock Exchanges and GLBXF – International OTCQX) is pleased to inform shareholders that it has received 13,500,000 shares of Mag Copper Limited (QUE-CNSX) in partial payment of the purchase price for Globex’s Magusi-Fabie polymetallic (Cu, Zn, Au, Ag) mine property north of Rouyn-Noranda, Quebec.
Under the agreement announced by Globex in a press release dated April 6, 2011, Mag Copper may earn a 100% interest in the Magusi-Fabie mine property by issuing 13,500,000 Mag Copper shares, making cash payments totalling $1,075,000 over three years, incurring $10,250,000 in expenditures on the property over a four-year period, and reserving a 3% Gross Metal Royalty on production for Globex, 1% of which may be purchased for $5,000,000.
The cash value of the shares issued to Globex as of yesterday’s closing share price is $4,725,000. The 13,500,000 shares were issued by Mag Copper at a deemed price of $0.125 per share, taking into account the one-for-five share consolidation recently announced by Mag Copper.
The 13,500,000 common shares of Mag Copper represent approximately 41.2% of the issued and outstanding common shares of Mag Copper. Prior to this transaction, Globex did not hold, directly or indirectly, or exercise control and direction over, any shares of Mag Copper.
Globex acquired the 13,500,000 shares for investment purposes and may make additional investment in, or dispositions of, securities of Mag Copper, depending on price, availability and general market conditions.
A copy of the “early warning report” filed by Globex in connection with this transaction may be obtained from Jack Stoch, President of Globex. Mr. Stoch may be contacted at the address set out below (telephone number 819 797-5242).
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101
We Seek Safe Harbour.
Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 10 3
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
Tel.: 819.797.5242
Fax: 819.797.1470
info@globexmining.com
www.globexmining.com
Forward Looking Statements
Except for historical information this News Release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available in the “Annual Information Form” filed by the Company on SEDAR at www.sedar.com
NEWSLETTER REGISTRIERUNG:
Aktuelle Pressemeldungen dieses Unternehmens direkt in Ihr Postfach:
<a href="http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3799001035">http://www.irw-press.com/alert_subscription.php?lang=en&isin=CA3799001035</a>
Mitteilung übermittelt durch IRW-Press.com. Für den Inhalt ist der Aussender
verantwortlich.
Kostenloser Abdruck mit Quellenangabe erlaubt.