GLBXF - Globex sells Québec-based property to Yamana Gold for $15M

Globex Mining Enterprises ([[GLBXF]] -5.2%) completed the sale of certain properties to Yamana Gold ([[AUY]] -0.7%) for $15M.The deal includes Francoeur/Arntfield/Lac Fortune gold property in Abitibi, Québec and 30 claims in Beauchastel township and three claims in Malartic township, Québec.Following closing, Globex received an initial payment of $4M in the form of 706,714 Yamana shares at $5.66 per share.Under the agreement, Yamana will pay $3M after one year, $2M after second year, $3M after third year and $3M after four years of closing of the deal.Globex may elect to receive the payment in Yamana shares.Globex said it has retained a 2% gross metal royalty on all mineral production from the properties, of which 0.5% may be bought by Yamana for $1.5M.Source: Press Release

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Globex sells Québec-based property to Yamana Gold for $15M