10:32 AM EDT, 07/08/2024 (MT Newswires) -- Globex Mining Enterprises ( GLBXF ) said Monday that, through a transaction with IAMGOLD ( IAG ) , Globex has bought two gold projects in the Abitibi West area of Quebec.

Globex purchased the former Eldrich Gold Mine northwest of Rouyn-Noranda and the Porcupine West Gold property, west of the town of Duparquet, Quebec.

The company acquired the properties in exchange for its Rich Lake (base-metals) and Lac a l'Eau Jaune (gold) properties. Both Globex and IAMGOLD ( IAG ) retain a 1% net smelter royalty in their respective traded properties.

The two additional royalties on Rich Lake and Lac a l'Eau Jaune bring Globex's royalty portfolio total to 105. No cash or shares were issued as part of the transaction.

The company's shares fell 1% on last look on Monday in Canada.

Price: 0.96, Change: -0.01, Percent Change: -1.03