Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF), the prospect generator group, revealed that Renforth Resources Inc (CSE: RFR) has acquired 100% of the Parbec gold project in the Malartic township of Quebec.
In January 2015, Globex had optioned the property to Renforth Resources for $550,000 in cash, $4 million in exploration and 2 million Renforth shares over four years.
READ: Globex Mining Enterprises gains as Vanadium One posts drill results from Quebec project
Tuesday's stock market statement said that Renforth had renegotiated the remaining work requirement due under the option and, with the following grants to Globex, will satisfy all the terms and conditions of the agreement to earn 100% ownership.
Renforth will issue an additional 1% GMR (gross metal royalty) on the project and 5 million shares from its treasury.
If Renforth consolidates its shares in the next four years, Globex will receive a further 1.5 million shares.
One-time payment
Upon the start of commercial mining at Parbec, a one-time payment will be made to Globex of $1 million, adjusted for inflation and subject to the deduction of any advance royalty payments made.
In consideration of these payments, Globex shall grant to Renforth a one-time right of first refusal on the sale of all or any part of Globex's GMR (gross metal royalty).
Globex Mining Enterprises Inc shares eased by around 1.5% to $0.32.
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