Mineworx Technologies Ltd. (CVE:MWX) said it has closed its previously announced financings raising gross proceeds of $1,000,500 which it intends to use for the further development of its Catalytic Converter project as well as working capital.
The company said it 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 and one share purchase warrant.
The units 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.
It also sold 120 units consisting of: (a) one 12% unsecured convertible debenture in the principal amount of $1,000; and (b) 10,000 common share purchase warrants for total gross proceeds of $120,000 previously announced in the first tranche.
The sum of the principal amount of the debentures outstanding and all accrued and unpaid Interest shall be due and payable in cash two years following the closing date of the financing.
The convertible debenture units issued are also 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 holders of the debentures will be entitled to convert the principal amount (excluding accrued but unpaid Interest), in whole or in part, into common shares at a conversion price of $0.10 per common share.
The company noted that certain directors, officers and insiders of the company have participated in the offerings.
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.
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Published at Wed, 26 Aug 2020 14:15:00 +0000-Mineworx Technologies closes previously announced financings raising gross proceeds of $1,000,500