Mining company Mineworx Technologies Ltd (OTC:MWXRF) (CVE:MWX) is in focus this morning after it made a major announcement with one of its subsidiaries. The company announced that as previously indicated in two separate press releases it had been successful in concluding the sale of MagnetitasdelCehegin S.L., its Spanish subsidiary.
The subsidiary actually owned the Cehegin Iron Ore asset which had belonged to Mineworx. The asset was acquired by Iron Bull Mining Inc. The transaction had been completed in a deal worth as much as $20 million and it ought to be pointed out in this regard that it was an arm’s length transaction.
The transaction was completed entirely in stock. As many as 20 million shares in Iron Bull Mining Inc were issued for the purpose of completing the transaction, with each share having a deemed valuation of $1. In this regard, it should be noted that the details with regards to the distribution of the shares to the shareholders in Mineworx are going to be shared later on. It remains to be seen if the latest news brings the Mineworx stock into the focus of investors or not.
While this was a major new development for the company, it should be noted that Mineworx has also been involved in a range of other important projects. The Chief Executive Officer of the company, Greg Pendura, had been interviewed by Ticker News earlier this month on May 4 and at that interview, he provided some key insights into the work being done by Mineworx.
Pendura spoke about the platinum and palladium clean teach recovery process that the company has been working on. In addition to that, he also spoke in detail about the challenges that Mineworx experienced due to the common smelters with regard to the precious metals.