Mineworx Announces Sale of Cehegin Iron Ore Asset
EDMONTON, Alberta, Jan. 17, 2022 (GLOBE NEWSWIRE) — Mineworx Technologies Ltd., (the “Company” or “Mineworx“) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announces that it has signed a letter of intent to sell the Cehegin Iron Ore Asset in Spain at a valuation of $20,000,000 CDN.
The transaction will have Mineworx receive shares of “NewCo”, a newly formed public company, in which Mineworx proposes to distribute the majority of these shares to Company shareholders as a tax-free return of capital dividend to be distributed upon the listing of NewCo on a Canadian Exchange.
Greg Pendura, President and CEO stated, “We are excited to announce this transaction as we feel it provides great current value to our shareholders who also get to participate in the future development of the Cehegin property while Mineworx will be focused on commercializing its CleanTech in the catalytic converter market. We believe the management of NewCo will bring great value and expertise in further monetizing the Cehegin asset moving forward.”
The transaction is contingent on the completion of the due diligence process and the Company obtaining certain regulatory and shareholder approvals. The Company will be providing more comprehensive information regarding the proposed transaction when the definitive agreement has been signed.
Mineworx is positioned for growth in CleanTech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with its partner Davis Recycling. For further information go to www.mineworx.net
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information contact:
MINEWORX TECHNOLOGIES LTD.
President & CEO
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