Mineworx Announces Sale of Cehegin Iron Ore Asset

Mineworx Announces Sale of Cehegin Iron Ore Asset

Written by Customer Service on . Posted in Public Companies.

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.

About Mineworx

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.
Greg Pendura
President & CEO
780 800-0726
greg@mineworx.net

For Media interview requests, please contact:

Nelson Hudes
Hudes Communications International
(905) 660-9155
Nelson@hudescommunications.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Cookie Notice

We use cookies to improve your experience on our website

Information we collect about your use of Goldea Capital website

Goldea Capital website collects personal data about visitors to its website.

When someone visits our websites, we use a third party service, Google Analytics, to collect standard internet log information (such as IP address and type of browser they’re using) and details of visitor behavior patterns. We do this to allow us to keep track of the number of visitors to the various parts of the sites and understand how our website is used. We do not make any attempt to find out the identities or nature of those visiting our websites. We won’t share your information with any other organizations for marketing, market research or commercial purposes and we don’t pass on your details to other websites.

Use of cookies
Cookies are small text files that are placed on your computer or other device by websites that you visit. They are widely used to make websites work, or work more efficiently, as well as to provide information to the owners of the site.