Globex Mining Enterprises Inc. Announces Renewal of Normal Course Issuer Bid
27 July 2024 - 7:00AM
GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock
Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich,
Tradegate, Lang & Schwarz, LS Exchange, TTMzero,
Düsseldorf and Quotrix Düsseldorf Stock
Exchanges and GLBXF – OTCQX
International in the US) is pleased to announce that the
Toronto Stock Exchange (“TSX”) has approved the renewal of Globex’s
normal course issuer bid (“NCIB”). Under the renewed NCIB, Globex
will be entitled to repurchase for cancellation up to
1,000,000 common shares, representing approximately 1.78% of
Globex’s issued and outstanding shares as of July 19, 2024,
over a twelve-month period starting on August 2, 2024 and
ending on August 1, 2025. The purchases by Globex will be
effected through the facilities of the TSX and on alternative
trading systems in Canada, and will be made at the market price of
the shares at the time of the purchase. Globex had
56,294,836 common shares issued and outstanding as of
July 19, 2024, of which 48,740,245 shares constituted the
“public float”.
During the most recently completed six months,
the average daily trading volume for Globex’s common shares on the
TSX was 22,553 shares. Consequently, under the policies of the
TSX, Globex will have the right to repurchase during any one
trading day a maximum of 5,638 common shares on the TSX,
representing 25% of the average daily trading volume. In addition,
Globex may make, once per calendar week, a block purchase (as such
term is defined in the TSX Company Manual) on the TSX of common
shares not directly or indirectly owned by insiders of Globex, in
accordance with the policies of the TSX.
Globex intends to acquire the common shares
because it believes that the repurchase of common shares at certain
market prices is beneficial to Globex and its shareholders. Globex
intends to make any purchases on an opportunistic basis, taking
share price and other considerations into account.
Any purchases made pursuant to the NCIB will be
made in accordance with the requirements of the TSX. Except for
exempt offers, Globex will make no purchases of common shares other
than open market purchases during the period of the NCIB.
Under its current NCIB, which entered into
effect on August 2, 2023 and which expires on August 1,
2024, Globex is authorized to purchase up to 1,000,000 shares.
Under the NCIB, Globex has repurchased a total of
225,000 common shares at a volume weighted average purchase
price of $0.8120 per share, through the facilities of the TSX and
on alternative trading systems in Canada. All of the repurchased
shares were cancelled by Globex.
In connection with the NCIB, Globex has entered
into an automatic share purchase plan with a Canadian securities
dealer pursuant to which the securities dealer, acting as Globex’s
agent, may acquire at its discretion shares on Globex’s behalf
during “black-out” or “closed” periods under Globex’s stock trading
policy, subject to certain parameters as to price and number of
shares.
Forward Looking Statements
Except for historical information, this news
release may contain certain “forward looking statements”. These
statements may involve a number of known and unknown risks and
uncertainties and other factors that may cause the actual results,
level of activity and performance to be materially different from
the expectations and projections of Globex Mining Enterprises Inc.
(“Globex”). No assurance can be given that any events anticipated
by the forward-looking information will transpire or occur, or if
any of them do so, what benefits Globex will derive therefrom. A
more detailed discussion of the risks is available in the “Annual
Information Form” filed by Globex on SEDAR at www.sedar.com.
We Seek Safe Harbour. |
Foreign Private Issuer 12g3 – 2(b) |
|
CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining
Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X
2J1 |
Tel.: 819.797.5242Fax: 819.797.1470 info@globexmining.com
www.globexmining.com |
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