- Mineworx (MWX) has signed a letter of intent to sell its Cehegin Iron Ore Project in Spain for C$20M
- The property contains an historic estimate of 25–30 million tonnes of magnetite mineralization
- The company intends to issue the majority of the proceeds as a tax-free dividend
- Mineworx develops and commercializes environmentally friendly processing technologies for the recovery of precious metals such as platinum and palladium
- Mineworx (MWX) is up by 5.56 per cent trading at $0.095 per share as of 1:49 pm EST
Mineworx (MWX) has signed a letter of intent to sell its Cehegin Iron Ore Project in Spain for C$20M.
The property contains a historic estimate of 25–30 million tonnes of magnetite mineralization.
The transaction will see the company receive shares of a newly formed public company (NewCo). It will then distribute the majority of these shares to Mineworx shareholders as a tax-free return of capital dividend upon listing NewCo on a Canadian exchange.
The company will release further details upon signing a definitive agreement.
“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,” stated Greg Pendura, Mineworx’s President and CEO.
“We believe the management of NewCo will bring great value and expertise in further monetizing the Cehegin asset moving forward,” he added.
Mineworx develops and commercializes environmentally friendly processing technologies for the recovery of precious metals such as platinum and palladium.
Mineworx (MWX) is up by 5.56 per cent trading at $0.095 per share as of 1:49 pm EST.