Globex Mining to buy back up to one million shares

Mar 8, 2019

2019-03-08 09:06 ET – News Release

Mr. Jack Stoch reports

GLOBEX MINING ENTERPRISES INC. ANNOUNCES RENEWAL OF NORMAL COURSE ISSUER BID

Globex Mining Enterprises Inc. has received approval from the Toronto Stock Exchange for the renewal of Globex’s normal course issuer bid (NCIB). Under the NCIB, as renewed, Globex will be entitled to repurchase for cancellation up to one million common shares, representing 2.2 per cent of Globex’s public float as of March 1, 2019, over a 12-month period starting on March 12, 2019, and ending on March 11, 2020. The purchases by Globex will be effected through the facilities of the TSX and on other alternative trading systems in Canada and will be made at the market price of the shares at the time of the purchase. Globex has 51,814,077 common shares issued and outstanding as of March 1, 2019, of which 45,997,986 shares constitute the public float.

During the most recently completed six months, the average daily trading volume for Globex’s common shares on the TSX was 36,206 shares. Consequently, under the policies of the TSX, Globex will have the right to repurchase during any one trading day a maximum of 9,051 common shares, representing 25 per cent 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) 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 previous NCIB, which entered into effect on March 12, 2018, and which expires on March 11, 2019, Globex was authorized to purchase up to one million shares. As of March 1, 2019, Globex had repurchased one million common shares at a volume-weighted average purchase price of 29.25 cents per share, through the facilities of the TSX and on alternative exchanges 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 blackout or closed periods under Globex’s stock trading policy, subject to certain parameters as to price and number of shares.

This press release was written by Jack Stoch, geoscientist, president and chief executive officer of Globex, in his capacity as a qualified person under National Instrument 43-101.

We seek Safe Harbor.

https://globexmining.com/news.php