Mineworx
announces Sale of Cehegin Iron Ore Asset
Edmonton, Alberta,
January 17, 2022 -- InvestorsHub 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
