Twitter Facebook LinkedIn YouTube

Mineworx Technologies Ltd. (TSXV:MWX) has announced 2 non-brokered private placements

Video Platform Video Management Video Solutions Video Player

The company is looking to raise gross proceeds of up to $1,000,000 from the placement of up to approximately 13.3 million units priced at $0.075 per unit. The company is also raising gross proceeds of up to $1,000,000 from the placement of unsecured convertible debentures. The convertible debentures will pay 12% interest, have a 2-year term to maturity and are convertible at $0.10 per share.

Additional Information:

Company: Mineworx Technologies Ltd.
Website: http://www.mineworx.net
Stock Symbol: TSXV: MWX
Date Published: Jun 9, 2020
Transcript: Available

Video Transcript:

I’m Fiona Forbes for Investmentpitch Media

Mineworx Technologies Ltd. has announced 2 non-brokered private placements.

The company is looking to raise gross proceeds of up to $1,000,000 from the placement of up to approximately 13.3 million units priced at $0.075 per unit.

The units consist of 1 share and 1 warrant, with each warrant exercisable at $0.10 for 48 months, subject to an acceleration clause.

The company is also raising gross proceeds of up to $1,000,000 from the placement of unsecured convertible debentures.

The convertible debentures will pay 12% interest, have a 2-year term to maturity and are convertible at $0.10 per share.

As a bonus, each $1,000 principal will come with 10,000 warrants exercisable at $0.12 per share, subject to an acceleration clause.

The shares are currently trading at $0.08.

The company uses its licensed and proprietary technologies to extract precious metals in an environmentally responsible, sustainable, and profitable manner from niche market opportunities within the mining, E-Waste and Catalytic Converter sectors.

Mineworx has 20% of a joint venture with Enviroleach for the processing of E-Waste materials in a facility located in Surrey, Canada that operates under the name Envirocircuit.

Electronic waste, the fastest growing portion of the municipal waste stream, is expected to grow to 78 million tons by 2026.

The company recently signed a Letter of Intent with Tennessee-based Davis Recycling Inc. to advance the business opportunity in the catalytic converter market.

A typical gasoline auto or light truck catalytic converter contains 2 to 12 grams of platinum and palladium.

Greg Pendura, President and CEO, stated: “We are very pleased to announce this relationship with Davis, who are currently a dominate player in the United States in the processing of spent gasoline and diesel catalytic converters for the recovery of PGMs. The current global market for recovered PGMs from catalytic converters in in excess of $30 billion annually. Establishing a leading North American partner in this space provides a significant opportunity for Mineworx to introduce an eco-friendly and commercially viable alternative to the oversea smelters currently used in the processing of catalytic converters for valuable PGMs.”

For more information about the company’s technologies, their application in the mining industry, and its mining projects, please visit the company’s website at www.mineworx.net, contact Greg Pendura, President and CEO, at 780-800-0726 or by email at greg@mineworx.net.

I’m Fiona Forbes for Investmentpitch Media