Or for Distribution to United States Newswire Services Equitorial Announces Debt Settlement with Mineworx Technologies Inc.
Equitorial Exploration Corp.
1400-1111 West Georgia Street Vancouver, British Columbia V6E 4M3, Canada http://equitorial.ca
THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES
EQUITORIAL ANNOUNCES DEBT SETTLEMENT WITH MINEWORX TECHNOLOGIES INC. FOR MINEWORX SHARES. PROPOSES TO DIVIDEND ALL MINEWORX SHARES TO EXISTING SHAREHOLDERS OF RECORD AS OF OCTOBER 2, 2015 __________________________________________________________
October 2, 2015 TSX Venture Exchange Trading Symbol: EXX
Equitorial Exploration Corp. (the “Company”), wishes to announce that it has entered into a debt settlement and share distribution with MineWorx Technologies Inc. (“MineWorx”).
The agreement outlines the terms of a debt settlement pursuant to which the Company will receive 5,181,547 shares (the “Settlement Shares”) in the capital of MineWorx, at a price of $0.1566 per share to settle outstanding debt of $808,547.00 owed to the Company by Mineworx pursuant to a loan agreement between the Company and MineWorx dated October 27, 2014. The Company currently holds 11,843,453 shares of MineWorx and on issuance of the Settlement Shares will own 17,025,000 MineWorx shares (the " MineWorx Shares").
The Company will dividend out 16,500,000 of the MineWorx Shares on a pro rata basis (approximately 0.40 share of MineWorx for every one share of Equitorial), to all shareholders of record of the as of October 2, 2015.
About MineWorx
MineWorx is a private Canadian corporation which owns proprietary, patent pending, environmentally friendly, heavy metal extraction equipment and technologies. It has invested over $4.6 million on its proprietary technologies to date.
Duane Nelson is the founder, President and CEO of MineWorx. He was the CEO and co-founder of Silvermex Resources Inc. (“Silvermex”), a past TSX listed company. Silvermex was a successful silver and gold producer focused in Mexico and was acquired by First Majestic Silver Corp in 2012 for $175 Million.
MineWorx’s proprietary and patent pending heavy metal extraction technology is based on a mobile classification and gravimetric processing unit with an integrated water filtration, clarification and recycling system which allows for the concentration and extraction of heavy metals from soil, gravel or crushed material with minimal environmental impact, discharge and water consumption.
MineWorx also holds a patent pending process for the utilization of our portable gravimetric extraction technologies at mine locations around the world to provide operators with a portable, low-cost, mineral extraction alternative, which in some locations, would reduce the usual permitting timelines due to the system’s minimal environmental footprint, impact and discharge.
Equitorial currently owns approximately 45% of MineWorx and has a right of first refusal to purchase up to 100% of MineWorx as more particularly described in the Company’s news release of May 30, 2014. As part of this transaction Equitorial will waive its right of first refusal to purchase 100% of MineWorx.
On behalf of the Board of Directors
EQUITORIAL EXPLORATION CORP.
“Dean Pekeski”
Dean Pekeski, President and Director
For further information, please contact Dean Pekeski at 604-689-1799.
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.