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Globex Mining Announces Record Date For Spinout Of Chibougamau Independent Mines

Globex Mining (TSE:GMX) (OTCQX:GLBXF) announced late yesterday a record date for the spin out of its Chibougamau Independent Mines (NYSE:CIM) subsidiary to its shareholders.

The company is spinning out a tax free dividend to its shareholders in the form of shares in CIM, which owns a large package of former mines and non NI 43-101 deposits and targets in the Chibougamau mining camp of Quebec.

Every Globex shareholder at the close of business on Friday, December 28 will receive one share of CIM for each Globex share held.

CIM will hold a closing of its previously-announced private placement of "flow-through" units and "hard dollar" units on December 31, which is being co-led by Casimir Capital and Marquest Capital Markets.

Globex said that as previously announced, the TSX Venture Exchange has already conditionally approved CIM's listing application. The start of trading of CIM on the exchange is conditional on the placement, and standard listing documents, among other items.

All the funds from the private placement will be used for the 10, 100-per-cent-owned, advanced properties in the Chibougamau area.

Globex, a development-stage, mining exploration company, has a North American portfolio of properties with gold, copper, zinc, silver, platinum, palladium, uranium, rare earth, nickel, magnesium and talc potential.

On Tuesday, joint venture partners Globex and Queenston Mining (TSE:QMI)(OTCQX:QNMNF) said they intersected a wide gold zone at their Wood-Pandora property near Cadillac, Quebec.

Results from the latest program, which included nine holes for 5,601 metres, yielded notable intercepts such as 3.81 g/t gold over 41 metres in hole W12-99B, which includes 32.25 g/t gold over 4.2 metres, at around 450 metres below surface.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.