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Mineworx Completes Sale of Cehegin Iron Ore Asset

Written by Customer Service on . Posted in Public Companies.

EDMONTON, Alberta, May 19, 2022 (GLOBE NEWSWIRE) — Mineworx Technologies Ltd., (the “Corporation” or “Mineworx“) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announced that, further to its January 17, 2022 and March 22, 2022 news releases, it has completed the sale of its Spanish subsidiary, Magnetitas del Cehegín, S.L. (“MDC”), which company is the direct owner of Mineworx’s Cehegin Iron Ore Asset, to Iron Bull Mining Inc. (“Iron Bull”), for a purchase price of $20,000,000 (the “Transaction”). The Transaction is an arm’s length transaction.

Pursuant to the Transaction, the purchase price in the amount of $20,000,000 was paid by the issuance of 20,000,000 common shares in the capital of Iron Bull (the “Iron Bull Shares”) at a deemed price of $1.00 per share. The Corporation will provide additional details on the planned distribution of the Iron Bull Shares to Mineworx shareholders when the timeline regarding the Iron Bull proposed liquidity event is finalized.

About Mineworx

Mineworx is positioned for growth in the 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.

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 Communication International
905-660-9155
Nelson@hudescommunications.com

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.

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