Globex Mining Enterprises Inc. (GMX.TO) and Chibougamau
Independent Mines Inc. (CBG.V) today reported that CIM has, in an
extremely difficult financing market, raised sufficient funds so
that CIM may start trading on the TSX Venture Exchange.
CIM has raised $1.4 million in "flow-through" units. The TSXV
requires that CIM has a minimum of approximately $1.2 million in
working capital at listing. Jack Stoch Geoconsultant Services
Limited has subscribed for "hard cash" units of CIM in that amount.
Jack Stoch Geoconsultant Services Limited is a company owned by
Jack Stoch, President and Chief Executive Officer of Globex and
CIM. Jack Stoch and Dianne Stoch view CIM's projects as among the
best in the Province of Quebec and are prepared to ensure their
advancement and that of CIM through this investment, Globex said in
"Surprisingly, neither the Quebec Government funds nor the
Quebec union fund, set up specifically to support exploration in
Quebec, participated in the CIM financing. We find this perplexing
especially when we were told that, at least in one case, that they
were surprised by the high quality of our projects," the companies
The current financial uncertainty both in Europe and North
America and weak performance of the junior sector has made it
impossible for CIM to raise the complete amount in its private
placement, as initially announced. Several investment funds have
expressed an interest in CIM but have requested that they be
contacted early 2013 once their new 2013 funds are funded.