Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF) said it has received a $3 million cash payment from Yamana Gold (TSX:YRI, LSE:AUY) Inc as part of its $15 million sale of the Francoeur/Arntfield/Lac Fortune gold properties.
The payment is the second in a series of five payments payable to Globex over a five-year period, plus a two percent Gross Metal Royalty, leaving $8 million outstanding.
Separately, Globex said it had also received a cash payment of $50,000 from Electro Metals for the Magusi project and also $20,000 from Manganese X Energy Corp (TSX-V:MN, OTCQB:MNXXF) as a first advance royalty payment.
READ: Globex Mining Enterprises says optionee Maple Gold Mines has identified four new styles of gold mineralization at its Eagle property in Quebec
“Globex is fortunate in that it owns its over 200 assets including royalties as well as real-estate in Rouyn-Noranda and Toronto, has no debt and approximately $20 million in cash and shares of other companies,” the company said in a statement.
The firm is currently advancing several projects through exploration including airborne magnetometer surveys, prospecting and mapping, stripping and shortly diamond drilling.
Quebec-based Globex has a diversified North American portfolio of mid-stage exploration, development and royalty properties containing precious metals, base metals, specialty metals and minerals, and industrial minerals and compounds.
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