UPDATE: Globex Provides Information on Private Placement by Chibougamau Independent Mines; Shares Down Slightly Mid-Morning
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 a statement.
"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 said.
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.
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