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$MWXRF Mineworx Completes Sale of Cehegin Iron Ore Asset


https://www.globenewswire.com/news-release/2022/05/19/2446636/0/en/Mineworx-Completes-Sale-of-Cehegin-Iron-Ore-Asset.html

EDMONTON, Alberta, May 19, 2022 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd., (the "Corporation" or "Mineworx") (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announced that, further to its January 17, 2022 and March 22, 2022 news releases, it has completed the sale of its Spanish subsidiary, Magnetitas del Cehegín, S.L. (“MDC”), which company is the direct owner of Mineworx’s Cehegin Iron Ore Asset, to Iron Bull Mining Inc. (“Iron Bull”), for a purchase price of $20,000,000 (the “Transaction”). The Transaction is an arm’s length transaction.

Pursuant to the Transaction, the purchase price in the amount of $20,000,000 was paid by the issuance of 20,000,000 common shares in the capital of Iron Bull (the “Iron Bull Shares”) at a deemed price of $1.00 per share. The Corporation will provide additional details on the planned distribution of the Iron Bull Shares to Mineworx shareholders when the timeline regarding the Iron Bull proposed liquidity event is finalized.