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Globex Mining sells a number of non-core specialty mineral royalties to new energy centric royalty company, Electric Royalties

In exchange for the royalties or portions of royalties, the group will receive $500,000 and 3,000,000 Electric Royalties shares, representing 6.93% of its issued capital

Globex Mining Enterprises Inc. -
Should the Authier Lithium deposit reach commercial production within 6 years of agreement, Globex added, it will receive an additional $250,000 cash payment adjusted for inflation

Globex Mining Enterprises Inc. (TSX:GMX) OTCMKTS:GLBXF) told shareholders that it has sold a number of non-core specialty mineral royalties to a new energy centric royalty company, Electric Royalties Ltd. (CVE:ELEC). 

In exchange for the royalties or portions of royalties, Globex will receive $500,000 and 3,000,000 Electric Royalties shares, representing 6.93% of Electric Royalties issued capital.

READ: Globex Mining Enterprises completes acquisition of Silidor and New Marlon gold mine package in Quebec

Should the Authier Lithium deposit reach commercial production within 6 years of agreement, Globex added, it will receive an additional $250,000 cash payment adjusted for inflation.

Included in the transaction are the following:

  • 1% GMR (Vanadium Only) of Globex’s 1% Gross Metal Royalty(GMR) on the Mont Sorcier Iron-Vanadium-Titanium deposit, east of Chibougamau, Quebec. Globex retains the 1% GMR on the Iron and Titanium and any other minerals recovered
  • 0.5% GMR of Globex’s 1% GMR on the claim centered upon Sayona’s Authier Lithium deposit near La Motte, Quebec
  • 0.5% GMR of 2% GMR and 2% GMR on a number of claims nearby the Authier Lithium deposit
  • 2% GMR on two Lithium exploration projects (Chubb & Bouvier), located north of La Motte, Quebec
  • 2% GMR of Globex’s 3% GMR on the Battery Hill Manganese deposit in New Brunswick

In a statement, Globex said it is "pleased to be reaping immediate benefit from these assets and expects to partake in the upside from both our retained portions of royalties on these assets and the growth of Electric Royalties".

Contact the author at jon.hopkins@proactiveinvestors.com

Quick facts: Globex Mining Enterprises Inc.

Price: 0.73 CAD

TSX:GMX
Market: TSX
Market Cap: $40.15 m
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