Mineworx Announces Financings

Not for Distribution to United States Newswire Services or for Dissemination in the United States

SURREY, British Columbia, June 09, 2020 (GLOBE NEWSWIRE) -- Mineworx Technologies Ltd., (the "Company" or "Mineworx") (TSXV: MWX) (OTCQB: MWXRF) (FSE: YRS WKN: A2DSW3) announces that it intends to proceed with a non-brokered private placement and a non-brokered private placement of 12% unsecured convertible debentures.

Non-Brokered Private Placement

The non-brokered private placement offering of units ("Units") will be at a subscription price of CAD $0.075 per Unit. Each Unit will consist of one (1) common share in the capital of Mineworx Technologies and one (1) common share purchase warrant. Each Warrant will entitle the holder thereof to purchase one (1) common share in the share capital of the Corporation (a “Warrant Share”) at a price of $0.10 at any time prior to 4:30 p.m. (Vancouver time) on the date that is forty eight (48) months from the date of the issuance of the Units, subject to earlier termination in the event that the closing price (or closing bid price on days when there are no trades) of the common shares on the TSX Venture Exchange exceeds $0.20 for 10 consecutive trading days, then upon the Corporation sending subscribers written notice of such date and issuing a news release announcing such date, the Warrant will only be exercisable for a period of 30 days following the date on which such written notice is sent to the subscribers. The amount to be raised is up to CAD $1,000,000 for a total of 13,333,335 shares.

The closing of the Offering is expected to occur on or about June 30, 2020 (the “Closing”).

Non-Brokered Private Placement of 12% Unsecured Convertible Debentures

The non-brokered private placement (the “Offering”) of the 12% unsecured convertible debentures (the "Convertible Debentures") for total gross proceeds of up to $1,000,000 (Canadian) will be at a price of $1,000 per Unit (“Units”). Each Unit will consist 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”).