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Globex Closes Third Round of Private Placement for $241K; Shares Fall 11%

Globex Mining Enterprises (GMX.TO) has held a third closing of its previously-announced private placement by issuing an aggregate of 161,540 flow-through shares at a price of $1.30 per share, for gross proceeds of $210,002, and by issuing 30,100 common shares at a price of $1.05 per share, for gross proceeds of $31,605.

Globex issued the shares to accredited investors in Ontario, Newfoundland and Labrador and in the United States.

Globex will use the proceeds from the issuance of the flow-through shares for exploration on certain of its properties in Quebec and Ontario. The proceeds from the issuance of the common shares will be used for working capital.

GMS shares fell more than 11% to $1.01.

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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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