Friday, January 03, 2020 11:54:27 AM
On March 15, 2017, the Company received a final order from the Alberta Court of Queen’s Bench on the plan of arrangement involving Iberian, shareholders of Iberian and Enviroleach Technologies Inc. The plan of arrangement involves the spin-out of the technology rights to EnviroLeach Technologies Inc. and the distribution to Company shareholders of 26,000,000 common shares of Enviroleach Technologies Inc. The plan of arrangement was approved by shareholders at the Company’s Special Meeting held on March 14, 2017.
Under the terms of the Arrangement Agreement, through a statutory plan of arrangement under the Business Corporations Act (Alberta) (the “Arrangement”), The Company transferred the Technology to Enviroleach in exchange for total
compensation of $8,600,000 comprised of:
i) 28 million common shares of Enviroleach,
ii) promissory notes in the amount of $1,600,000 made by Enviroleach in favour of the Company.$600,000 is due by September 2017 and the remaining $1,000,000 is due in two years and carries a 5% interest rate.
iii) The Company will retain a license agreement in perpetuity for the Enviroleach, patent-pending, non-cyanide gold leaching solution.
The Arrangement was completed on March 21, 2017 and the company distributed 25,999,813 Enviroleach shares to the company shareholders of record on March 21, 2017 as a return of capital dividend with a deemed price of $0.25 per Enviroleach share. After working in conjunction with Enviroleach it was realized that utilizing Mineworx technology and expertise enhanced recoveries of precious metals in E-Waste material during the Enviroleach process. With this knowledge Enviroleach and Mineworx agreed to create a Joint Venture to pursue opportunities in the E-Waste sector. On September 1, 2017 Enviroleach announced an agreement with Jabil Inc. for E-Waste processing. The contract work associated with this agreement will be fulfilled by the Mineworx/Enviroleach Joint Venture. The Mineworx equity share of the joint venture is 20%.
During 2017 the customer focus of Mineworx changed from the mining industry to the E-waste sector. This was the result of opportunities that arose while working in conjunction with Enviroleach. The management of Mineworx believes that this new sector offers an accelerated route to profitability.
After the successful implementation of the E-waste strategy the company will resume pursuing opportunities in the mining
industry.
https://backend.otcmarkets.com/otcapi/company/financial-report/236057/content
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