Mineworx Closes $1 Million Financings
August 26 2020 - 5:00AM
Mineworx Technologies Ltd., (the
"
Company" or "
Mineworx") (TSXV:
MWX) has closed the previously announced financings for gross
proceeds of $1,000,500.
Non-Brokered Private
Placement
The Company has sold 11,740,000 Units for total
gross proceeds of $880,500 including proceeds of $420,000
previously announced in the first tranche. Each unit is comprised
of one common share of the Issuer (“Share”) and one share purchase
warrant (“Warrant”).
The securities issued are subject to a four
month hold period from the date of issuance and the Warrants are
exercisable to acquire an additional common share at a price of
$0.10 expiring 48 months after issuance.
The Warrants are subject to an accelerated
expiry stating that if at any time, after the standard 4 month hold
period, the closing price of the Company’s common shares on the TSX
Venture Exchange exceeds $0.20 for any 10 consecutive days (or
closing bid price on days when there are no trades), the warrant
holder will be given written notice of such date and issuing a news
release announcing such date, the warrants will only be exercisable
for a period of 30 days following the date on which such written
notice is sent to the subscribers.
Non-Brokered Private Placement of 12%
Unsecured Convertible Debentures
The Company has sold 120 Units for total gross
proceeds of $120,000 previously announced in the first tranche.
Each Unit consists of: (a) one 12% unsecured convertible debenture
(“Debentures”) in the principal amount of $1,000; and (b) 10,000
common share purchase warrants (“Warrants”). The sum of the
principal amount (“Principal Amount”) of the Debentures outstanding
and all accrued and unpaid Interest shall be due and payable in
cash on the date that is two years following the Closing Date
(“Maturity Date”).
The securities issued are subject to a four
month hold period from the date of closing and the Warrants are
exercisable to acquire an additional common share at a price of
$0.12 expiring 24 months after issuance. The Warrants shall have an
acceleration provision whereby in the event that the closing price
of the common shares listed on the TSX Venture Exchange have traded
at $0.25 or higher for a minimum of 10 consecutive trading days
(whether or not trading occurs on all such days), the Corporation
shall have the right to accelerate the expiry date of the Warrants
to 30 days from the date of issuance of a news release by the
Corporation announcing the accelerated expiry date.
The holders of the Debentures shall be entitled
to convert the Principal Amount (excluding accrued but unpaid
Interest), in whole or in part, into common shares of the
Corporation (“Common Shares”) at a conversion price (“Conversion
Price”) of $0.10 per Common Share.
The Corporation shall have the right, upon 30
days prior written notice, to redeem all amounts outstanding under
the Debentures at any time prior to the Maturity Date, without the
requirement to pay a pre-payment penalty or other amount in respect
of such right of redemption. In the event that the Corporation
elects to exercise its right of redemption, each Debenture holder
shall have a right to convert the Debenture.
Commencing on the Closing Date, interest
(“Interest”) shall accrue on the outstanding balance of the
Principal Amount at the rate of 12% per annum calculated annually
but not in advance. Interest shall be due and payable on the
earlier of: (i) the Maturity Date; and (ii) in the event of
conversion prior to the Maturity Date of the entire Principal
Amount, 30 days following the conversion date.
The company will not be paying any finder’s
fees.
The Company intends to use the proceeds from
each of the Offerings for the further development of the Catalytic
Converter project as well as working capital purposes. Certain
directors, officers and insiders of the Company have participated
in the Offerings.
The shares to be issued under the Offering have
not been and will not be registered under the U.S. Securities Act
of 1933, as amended, or any state securities laws and may not be
offered or sold in the United States or to U.S. Persons absent
registration or an applicable exemption from registration. This
press release is not an offer or a solicitation of an offer of
securities for sale in the United States, nor will there by any
sale of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
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 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, go to www.mineworx.net or contact:
MINEWORX TECHNOLOGIES LTD.Greg
Pendura, President & CEO780-800-0726greg@mineworx.net
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