Chibougamau Independent Mines Completes Spin-Out and Private Placement


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Globex Mining Enterprises (GMX.V) and Chibougamau Independent Mines Inc. (CBG.V) announced that CIM has raised gross proceeds of $2,617,799.50 at the closing of its previously-announced private placement by issuing 2,181,230 flow-through units at a price of $0.65 per unit and 2,400,000 hard dollar units at a price of $0.50 per unit. CIM issued the securities to accredited investors in Ontario.

CIM will use the proceeds from the issuance of the flow-through units to immediately initiate several of its exploration programs, including drilling of the historical non NI 43-101 Berrigan gold, silver, zinc deposit immediately north of the town of Chibougamau, Quebec. CIM will use the proceeds from the issuance of the hard dollar units for working capital.

Globex and CIM also announce that Globex filed Articles of Arrangement on December 28, 2012 in order to give effect to its previously announced spin-out of CIM shares to Globex's shareholders. Under the arrangement, each Globex shareholder is entitled to receive one CIM common share for each Globex share held.

Globex shareholders are entitled to receive an aggregate of 27,896,018 common shares of CIM pursuant to the arrangement.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing , Commodities

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