Edmonton, Alberta, January 17, 2022 — 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.
