GLOBEX MINING ENTERPRISES INC. is pleased to inform shareholders that it has agreed to waiver the remaining work requirement by Renforth Resources Inc. (CSE-RFR) on Globex’s Parbec Gold property, allowing Renforth to gain 100% interest in the property package located on the Cadillac Fault, west of the Canadian Malartic Mine, in Quebec.
The property, per an announcement made by Renforth on September 25th, 2018, hosts an inferred resource of 9,659,636 tonnes, grading 2.33 g/t Au for 656,875 contained ounces Au and, an indicated resource of 368,105 tonnes grading 3.47 g/t Au for an additional 37,224 oz Au (NI 43-101 Report available in Renforth’s Sedar filing dated November 8, 2018).
In consideration for wavering the remaining work requirement, Renforth agreed to the following:
The previous Gross Metal Royalty (GMR) which varied between 1% and 2% GMR dependent upon the gold price will henceforth be a stable 3% GMR;
Renforth shall issue to Globex five million (5,000,000) Renforth shares;
Should Renforth consolidate its shares within four (4) years, an additional one and one half million (1,500,000) post consolidated Renforth shares will be issued to Globex;
Upon the commencement of mining and the transport of the first ore for milling, a one-time payment of one million dollars ($1,000,000) will be made to Globex subject to inflation and the deduction of any fifty thousand dollar ($50,000) per year advance royalties received by Globex that may commence eight (8) years from the date of signing of the original option agreement.
Globex has agreed to give Renforth a one-time first right of refusal to purchase Globex’s GMR should Globex decide at anytime to sell all or part of its GMR.
Globex is pleased to undertake this agreement in order to facilitate Renforth’s growth.
Source: Company Press Release