Mineworx Technologies Ltd., (the "Corporation" or "Mineworx") (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announced that, further to its January 17, 2022 news release, it has entered into a share purchase agreement dated March 21, 2022 (the “Share Purchase Agreement”) with Iron Bull Mining Inc. (“Iron Bull”), pursuant to which Mineworx will sell its Spanish subsidiary, Magnetitas del Cehegín, S.L. (“MDC”), which company is the direct owner of Mineworx’s Cehegin Iron Ore Asset, for a purchase price of $20,000,000 (the “Proposed Transaction”). The arm’s length Proposed Transaction will constitute a “Change of Business” for Mineworx (the “Proposed COB”) under the applicable policies of the TSX Venture Exchange (the “TSXV”). The Proposed COB would see Mineworx transition from a Resource Issuer to a Technology Issuer on the TSXV.
Prior to the closing of the Proposed Transaction, MDC would complete a reorganization (the “MDC Reorganization”), pursuant to which Mineworx’s direct wholly-owned Spanish subsidiary, Solid Mines Espana, S.A.U. (“SME”), would merge with its direct wholly owned subsidiary, MDC, such that MDC is the surviving entity that holds the Cehegin Iron Ore Asset. If the MDC Reorganization has not been completed prior to the intended closing date, and if both parties agree to waive the closing condition that the MDC Reorganization has been completed, then Mineworx may sell all of the issued and outstanding shares of SME pursuant to the Proposed Transaction.
