IBERIAN MINERALS LTD V.IML

X-Leach Spin-Out

[Canadude]

This is HUGE News! 

Iberian Minerals Announces Spin-Out of X-Leach Reagent Technology Edmonton, Alberta, December 14, 2016 - Iberian Minerals Ltd. (the ``Company`` or ”Iberian``) (TSXV: IML) (OTCQB: SLDRF) is pleased to announce that the Board of Directors of Iberian have unanimously approved the proposal to spinout its X-Leach reagent technology to EnviroLeach Technologies Inc. (“EnviroLeach”), a new corporation formed to continue the research and development of the X-Leach technologies. This spin-out will include the transfer of all X-Leach related assets including all intellectual property rights to the eco-friendly X-Leach, non-cyanide based leach formula to EnviroLeach for the price of $3 million.

Under the terms of the proposed spin-out, through a statutory plan of arrangement, Iberian’s current shareholders will receive, by way of a return of capital dividend, approximately 1 share of EnviroLeach for every 10 shares held in Iberian for an aggregate total of approximately 26,000,000 shares of EnviroLeach representing 70.27% of the issued and outstanding shares of Enviroleach. Iberian will receive 2,000,000 shares of EnviroLeach representing 5.41% of the issued and outstanding shares. Iberian will also be issued a promissory note in the amount of $1.6 million.

EnviroLeach has completed an initial private placement in the amount of $450,000. The closing of the private placement resulted in the issuance of 9,000,000 shares of EnviroLeach representing 24.32% of the issued and outstanding shares of EnviroLeach.

Greg Pendura, Iberian's Chief Executive Officer, states: "the spin-out of EnviroLeach is the result of an extensive review of strategic alternatives to attain maximum value and monetization of the EnviroLeach assets for the Iberian shareholders. The spin out allows the new company, led by Duane Nelson, to focus exclusively on the development, enhancement and commercialization of this revolutionary new reagent technology and to continue to build value with the formation of strategic relationships in both the mining and e-waste management sectors."

The Board of Directors and management of Iberian feel that the spin-out of EnviroLeach will better unlock the future value of the technology and attract an investor base best suited to the company's value proposition, particular business operations and financial characteristics, thereby maximizing shareholder value and placing EnviroLeach in a better position to ramp up, generate revenues and develop strategic relationships/partners and attain higher valuations than had it remained part of Iberian Minerals.

Iberian's wholly owned subsidiary, Mineworx Technologies Inc. will receive a free sub-license to use the technology in its business operations, providing it is not in competition with EnviroLeach.

The proposed Spin-Out Transaction will be subject to review of relevant tax and securities law issues and receipt of any applicable corporate and regulatory approvals, as well as, shareholder approval by not less than two-thirds of the votes cast at a soon to be announced special meeting of Iberian Minerals shareholders. Iberian will update stakeholders on the progress of the proposed transaction in a timely fashion and a news release will be issued specifying the future date determining the Iberian shareholders of record for dividend distribution purposes

[helioft]

Looks like I'm receiving few thousand of those shares :) Now let's try to create value at IML!

[newbertan]

Vulture Peak will take care of IML. Can,t be far off though likely after xmas i would think but you never know