GLOBEX MINING ENTERPRISES INC. is pleased to announce that it has closed the previously announced sale of Globex’s Mid-Tennessee Zinc Mine royalty to an assignee of Electric Royalties Ltd. for the following consideration, received by Globex at closing: $13,750,000 in cash, of which $250,000 was received previously, net of applicable withholding taxes; 8,752,860 Electric Royalties shares ; and 5,348,970 Electric …
GLOBEX MINING ENTERPRISES INC. (GMX Toronto Stock Exchange, G1MN Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF OTCQX International) is pleased to announce that it has closed the previously announced sale of Globex’s Mid-Tennessee Zinc Mine royalty to an assignee of Electric Royalties Ltd. (ELEC-TSXV) (“Electric Royalties”) for the following consideration, received by Globex at closing:
- $13,750,000 in cash, of which $250,000 was received previously, net of applicable withholding taxes;
- 8,752,860 Electric Royalties shares ; and
- 5,348,970 Electric Royalties warrants , each of which entitles Globex to purchase one additional Electric Royalties share at a price of $0.60 for a period of four years.
In the event that the zinc price per pound received by the owner of the Mid-Tennessee Zinc Mine exceeds US $2.00 for any continuous three-month period commencing after the closing of the transaction, Electric Royalties’ assignee will make an additional cash payment of $1 million to Globex .
Globex also announces...
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