Globex Mining receives cash payments as part of its recent resource royalty transactions

Globex Mining Enterprises Inc (TSE:GMX) (OCTMKTS:GLBXF) provided a shareholder update on its recent resource royalty transactions, which included the receipt of an initial $250,000 cash payment from Electric Royalties Ltd (CVE:ELEC) (OTCMKTS:ELECF).

Electric Royalties now has 90 days to undertake due diligence and fund raising to finalize its purchase of Globex’s Mid-Tennessee zinc royalty.

Globex also said it received the second $50,000 option payment from Starr Peak Mining (CVE:STE) pursuant to the Normetmar/Normetal/Lac Turgeon/Rousseau option agreement. Globex will retain a 2.5% gross metal royalty (GMR) on these properties. 

READ: Globex Mining Enterprises seeks growth with its diversified, low-risk model

As well, the company announced that it has optioned the Massif du Nord and Lac Suzanne copper/nickel projects to Canada Silver Cobalt Works Inc (CVE:CCW). 

Under the Massif du Nord agreement, Canada Silver Cobalt Works (CCW) will pay Globex $25,000 in cash and $50,000 in shares over a one-year period and perform $100,000 in work on the claims. Globex will retain a 2% GMR. 

The Lac Suzanne copper/nickel project, meanwhile, was transferred by Enertourbe to CCW. The option terms payable to Globex are $50,000 in cash within a 12-month period and $100,000 in exploration expenditures. Globex will retain a 2% GMR on that project as well.

Globex noted that the single Orbit Alumina claim was sold to Alumina Quebec Mines Inc (AMQ) for 2 million common share purchase warrants exercisable without payment and vesting 100% on the date AMQ affects a transaction pursuant to which it will become a “reporting issuer”. Globex will also retain a 3% GMR on that claim.

And, Globex reported that it has sold the Pegma copper/nickel/cobalt and zinc property to High Tide Corporation, a private subsidiary of Avidian Gold Corporation (CVE:AVG), in consideration for $10,000 in cash and the issuance of 650,000 High Tide shares at the company’s initial public offering, which is expected before September 30. Globex will retain a 2% GMR on that property, one percent of which may be purchased for $1.5 million.

Finally, Globex said it has sold the Checkerboard gold property consisting of six cells located northeast of Belleterre, Quebec to Vior Inc (CVE:VIO) for a single payment of 150,000 common shares and a retained 2% GMR, 1% of which may be purchased for $1 million.

Globex Mining Enterprises is an exploration, royalty, and property bank company with a diversified portfolio of mid-stage exploration, development, and royalty properties in Canada, Germany, and the US.

Contact Sean at [email protected]

Story by ProactiveInvestors