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CALGARY, Alberta, March 09, 2021 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd . (the " Corporation " or " Mineworx ") (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) 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.
About Mineworx
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 .
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 and CEO
780-800-0726
Greg@mineworx.net
Dave Burwell
Vice President
The Howard Group
403-410-7907
dave@howardgroupinc.com
Forward Looking Statements:
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding: the Private Placement, the potential use of proceeds of the Private Placement, the closing date for the Private Placement, the Rights Offering, and the Consolidation. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Mineworx’s current beliefs and is based on information currently available to Mineworx and on assumptions Mineworx believes are reasonable. These assumptions include, but are not limited to: the underlying value of Mineworx and its Common Shares; TSX Venture Exchange approval of the Private Placement, the Offering and the Consolidation; Mineworx's general and administrative costs remaining constant; and the market acceptance of Mineworx's business strategy. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mineworx to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Mineworx; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors that may cause actual results to differ materially from forward-looking information can be found in Mineworx’s disclosure documents on the SEDAR website at www.sedar.com. Although Mineworx has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Mineworx as of the date of this news release and, accordingly, is subject to change after such date. However, Mineworx expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.
