Mineworx Technologies Ltd (OTCMKTS:MWXRF) (CVE:MWX) Stock Consolidates: Here Are Key Developments

Clean technology or CleanTech is a sector that is almost certainly going to be an important sector in the years to come due to the significant thrust toward environmentally friendly technologies. As it happens, there are now a number of companies that are trying to become major players in the sector and one of those is Mineworx Technologies Ltd (OTCMKTS:MWXRF) (CVE:MWX).

About The Company

The company is currently working on developing and commercializing its processing technology for recovering precious metals that is environmentally friendly. In the initial stages, the company is going to be focused on the extraction of palladium and platinum. In this particular process, Mineworx is going to deploy the diesel catalytic converters in collaboration with Davis Recycling, its partner.

It is clear to see that Mineworx is looking to bring about significant disruption in the traditional mining industry and that is something that could potentially turn it into a major operator. Investors, who are interested in pioneering new-age technology could do well to take a look at some of the recent developments with regards to Mineworx and then make up their minds about the stock.

Mineworx Announces Sale of Cehegin Iron Ore Asset

Last week, the company had actually come into focus among investors after it announced that it had inked a letter of intent with regards to the sale of its Spain-based Cehegin Iron Ore Asset. The valuation for the same was C$20,000,000.

As part of this transaction, a newly public company named ‘NewCo’ is going to be formed and Mineworx will receive shares in the same company. Mineworx has planned to distribute the large chunk of those shares to its own shareholders as a return of capital dividend that is going to be tax-free as well. It is going to be distributed once NewCo is listed on a stock exchange in Canada.

Mineworx Announces Management Addition

Earlier this month, Mineworx had made another major decision with regards to a new addition to its management. Rick Purdy, who had been an independent director at the company, became a member of the senior management after he was made the President of Mineworx USA, a subsidiary company.

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