Iberian Minerals Enters Amalgamation Agreement With Mineworx Technologies

Iberian Minerals (TSXV:IML) announced that it has entered into an amalgamation agreement with Mineworx Technologies that will see Iberian acquire all of the outstanding shares of Mineworx through a three-cornered amalgamation.

As quoted in the press release:

Under the terms of the Amalgamation Agreement, Mineworx and Subco will amalgamate under the Business Corporations Act (British Columbia) and continue as one corporation, which is a wholly-owned subsidiary of Iberian and will carry on the business of Mineworx following the completion of the Transaction.

Under the terms of the Amalgamation Agreement, Mineworx shareholders will receive approximately 2.53646 common shares of Iberian (“Iberian Shares”) for every one (1) Mineworx common share. In connection with the Transaction, Iberian will issue approximately 83,999,941 Iberian Shares to the Mineworx shareholders. Upon completion of the Transaction, Iberian expects to have approximately 243,380,078 Iberian Shares issued and outstanding, of which the former holders of Mineworx will hold approximately 34.5%.

The Amalgamation Agreement provides that completion of the Transaction is subject to certain conditions, including completion of due diligence, the cancellation of all outstanding options to purchase Mineworx common shares, receipt of all regulatory approvals, including approval of the TSX Venture Exchange, and the approval of the shareholders of Mineworx. A meeting of the shareholders of Mineworx is currently anticipated to be held by November 30, 2015, for the purpose of approving the Transaction. Provided that shareholder approval is obtained and all other conditions to close are satisfied, the Transaction is expected to close before the end of December, 2015.

Click here to read the full Iberian Minerals (TSXV:IML) press release.