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Jan 17, 2022 • 15 minutes in the past • 1 minute learn • Be a part of the dialog
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EDMONTON, Alberta, Jan. 17, 2022 (GLOBE NEWSWIRE) — Mineworx Applied sciences Ltd ., (the “ Firm ” or “ Mineworx “) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) publicizes that it has signed a letter of intent to promote the Cehegin Iron Ore Asset in Spain at a valuation of $20,000,000 CDN.
The transaction can have Mineworx obtain shares of “NewCo”, a newly shaped public firm, wherein Mineworx proposes to distribute nearly all of these shares to Firm shareholders as a tax-free return of capital dividend to be distributed upon the itemizing of NewCo on a Canadian Alternate.
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Greg Pendura, President and CEO acknowledged, “We’re excited to announce this transaction as we really feel it supplies nice present worth to our shareholders who additionally get to take part sooner or later improvement of the Cehegin property whereas Mineworx can be centered on commercializing its CleanTech within the catalytic converter market. We consider the administration of NewCo will convey nice worth and experience in additional monetizing the Cehegin asset transferring ahead.”
The transaction is contingent on the completion of the due diligence course of and the Firm acquiring sure regulatory and shareholder approvals. The Firm can be offering extra complete data relating to the proposed transaction when the definitive settlement has been signed.
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About Mineworx
Mineworx is positioned for development in CleanTech sector by way of the event and commercialization of its environmentally pleasant processing applied sciences for the restoration of treasured metals. Preliminary focus is the extraction of platinum and palladium from diesel catalytic converters with its accomplice Davis Recycling. For additional data go to www.mineworx.internet
Neither the TSX Enterprise Alternate nor its Regulation Companies Supplier (as that time period is outlined within the insurance policies of the TSX Enterprise Alternate) accepts accountability for the adequacy or accuracy of this launch.
For additional data contact:
MINEWORX TECHNOLOGIES LTD.
Greg Pendura
President & CEO
780 800-0726
greg@mineworx.internet
For Media interview requests, please contact:
Nelson Hudes
Hudes Communications Worldwide
(905) 660-9155
Nelson@hudescommunications.com
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