Mineworx Technologies Ltd. announced today the preliminary results of the previously announced rights offering (the “Rights Offering”), which was over-subscribed by over 100 million shares.
Due to the strong demand, the Corporation intends to complete a non-brokered private placement offering of common shares of the Corporation (“Common Shares”) at a price of $0.03 per Common Share, for gross proceeds of up to $1,500,000 (the “Private Placement”). The closing of the private placement is expected to occur on or about March 19, 2021 and is subject to regulatory approval, including approval of the TSX Venture Exchange. The Corporation intends to use the proceeds from the Private Placement for capital expenditures and for general corporate purposes.
The Corporation also announced that the previously announced proposed consolidation (the “Consolidation”) of its Common Shares on the basis of 2 pre-Consolidation Common Shares for 1 post-Consolidation Common Share will be delayed until after the closing of the Rights Offering and the Private Placement.
Mineworx is positioned for growth with its partnerships in the E-Waste, Catalytic Converter and mining sectors. The objective is to utilize licensed and proprietary technologies to extract precious metals in an environmentally responsible, sustainable and profitable manner from niche market opportunities. For further information, go to www.mineworx.net.
For further information contact:
MINEWORX TECHNOLOGIES LTD.
President and CEO
The Howard Group