Roulston says why to buy Globex Mining
Globex Mining Enterprises Inc (C:GMX)
Shares Issued 26,968,878
Last Close 11/13/2012 $1.09
Wednesday November 14 2012 - In the News
Lawrence Roulston, in the Nov. 7, 2012, edition of Resource Opportunities, tells readers why to buy Globex Mining Enterprises Inc., recently $1.08. This is the first time he has recommended the stock. Globex, Mr. Roulston explains, using two of his favourite business buzzwords, is a "prospect generator" with over 100 exploration projects. It is working to spin out several of its gold and base metal projects in Quebec to a new company, Chibougamau Independent Mines Inc. (CIM), retaining a 3-per-cent royalty. Shareholders will receive one CIM share for each Globex share. They have already approved the spin-out, but the company is still waiting on an advance ruling from the federal government to confirm the arrangement will be treated as a tax-neutral reorganization. Even after the spin-out, Globex will still have over 100 properties, with joint venture partners financing work on 11 and more partnerships planned. Mr. Roulston notes a lack of liquidity in the shares; even a modest amount of buying will push the share price up. However, some shares may be available. He concludes, "Anybody who can get a position near the current share price should enjoy a big bonus when the new company is spun out."
© 2012 Canjex Publishing Ltd.
|
