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Mineworx Provides Update on Share Consolidation

·5 min read
Mineworx Technologies Ltd.
Mineworx Technologies Ltd.

EDMONTON, Alberta, Sept. 16, 2022 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd. (the “Corporation” or “Mineworx”) (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announced that, further to its July 8, 2022 news release, effective on or about Tuesday, ‎September 20, 2022, the Corporation will complete the consolidation (the “Consolidation”) of its Common Shares on the basis of 2 pre-Consolidation Common Shares for 1 post-Consolidation ‎Common Share, subject to regulatory approval, including approval of the TSX Venture Exchange (“TSX ‎Venture”). Where the exchange results in a fractional share, the number of Common Shares will be ‎rounded up to the next greater whole number of Common Shares if the fractional entitlement is equal to or greater than 0.5 and shall, without any additional compensation, be rounded down to the next lesser whole number of Common Shares if the fractional entitlement is less than 0.5 and, in calculating such fractional interests, all Common Shares registered in the name of and held by such Shareholder shall be aggregated. Shareholder approval of the Consolidation was obtained at the annual general and special shareholders meeting held on July 27, 2022. A new CUSIP number of 603465303‎ replaces the old ‎CUSIP number of 603465204, to distinguish between the pre- and post- consolidated Common Shares. ‎The Corporation’s name and trading symbol will remain unchanged. ‎

The Consolidation is being conducted on a “push-out” basis. Shareholders of the Corporation, with or ‎without a physical share certificate, do not need to take any action with respect to the Consolidation. DRS statements for the post-Consolidation Common Shares will be mailed on or about September 20, 2022. ‎Existing share certificates will be cancelled. ‎

Commencing at the opening of trading on or about Tuesday, ‎September 20, 2022, the Common Shares of the ‎Corporation will trade on a post-Consolidation basis on the TSX Venture. Following the completion of the Consolidation, there ‎are expected to be 347,178,581 post-Consolidation Common Shares outstanding.‎

About Mineworx

Mineworx is positioned for growth in the CleanTech sector through the development and commercialization of its environmentally friendly processing technologies for the recovery of precious metals. Initial focus is the extraction of platinum and palladium from diesel catalytic converters with its business partner Davis Recycling. For further information please visit www.mineworx.net.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For further information contact:

MINEWORX TECHNOLOGIES LTD.
Greg Pendura
President & CEO
780 800-0726
greg@mineworx.net

For Media interview requests, please contact:

Nelson Hudes
Hudes Communications International
(905) 660-9155
Nelson@hudescommunications.com

Forward Looking Statements:‎
This news release contains “forward-looking information” within the meaning of applicable Canadian ‎securities legislation. All statements, other than statements of historical fact, included herein are forward-‎looking information. In particular, this news release contains forward-looking information regarding: the ‎Consolidation. There can be no assurance that such forward-‎looking information will prove to be accurate, and actual results and future events could differ materially from ‎those anticipated in such forward-looking information. This forward-looking information reflects ‎Mineworx’s current beliefs and is based on information currently available to Mineworx and on ‎assumptions Mineworx believes are reasonable. These assumptions include, but are not limited to: the ‎underlying value of Mineworx and its Common Shares; TSX Venture Exchange final approval of the Consolidation; Mineworx's general and administrative costs remaining constant; ‎and the market acceptance of Mineworx's business strategy. Forward-looking information is ‎subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of ‎activity, performance or achievements of Mineworx to be materially different from those expressed or ‎implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general ‎business, economic, competitive, political and social uncertainties; general capital market conditions and market prices ‎for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; ‎competition; changes in legislation, including environmental legislation, affecting Mineworx; the timing and availability of ‎external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals‎. A description of ‎additional risk factors that may cause actual results to differ materially from forward-looking information can ‎be found in Mineworx’s disclosure documents on the SEDAR website at www.sedar.com. Although ‎Mineworx has attempted to identify important factors that could cause actual results to differ materially ‎from those contained in forward-looking information, there may be other factors that cause results not to be as ‎anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. ‎Readers are further cautioned not to place undue reliance on forward-looking information as there can be no ‎assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking ‎information contained in this news release is expressly qualified by this cautionary statement. The forward-‎looking information contained in this news release represents the expectations of Mineworx as of the date ‎of this news release and, accordingly, is subject to change after such date. However, Mineworx expressly ‎disclaims any intention or obligation to update or revise any forward-looking information, whether as a result ‎of new information, future events or otherwise, except as expressly required by applicable securities law.‎