Mineworx Provides Update on Share Consolidation
March 19 2021 - 1:12PM
Mineworx Technologies Ltd., (the
"
Corporation" or "
Mineworx")
(TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announced that,
further to its January 22, 2021 news release, effective on or about
Tuesday, March 23, 2021, 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 special shareholders meeting held on March 2, 2021. A new
CUSIP number of 603465204 replaces the old CUSIP number of
603465105, 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. Share certificates for the
post-Consolidation Common Shares will be mailed on or about March
25, 2021. Existing share certificates will be cancelled.
Commencing at the opening of trading on or about
Tuesday, March 23, 2021, the Common Shares of the Corporation
will trade on a post-Consolidation basis on the TSX Venture.
Following the closing of the Offering and the completion of the
Consolidation, there are expected to be 342,766,063
post-Consolidation Common Shares outstanding.
About Mineworx
Mineworx is positioned for growth with its
partnerships in the E-Waste, Catalytic Converter and mining
sectors. The objective is to utilize licensed and proprietary
technologies to extract precious metals in an environmentally
responsible, sustainable and profitable manner from niche market
opportunities. For further information, go to 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 PenduraPresident and
CEO780-800-0726Greg@mineworx.net
Dave BurwellVice PresidentThe Howard
Group403-410-7907dave@howardgroupinc.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.
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