Diversified resource and technology company MGX Minerals Inc. (CSE: XMG) (FKT: 1MG) (OTCQB: MGXMF) this morning announced that it intends to publicly list its wholly owned subsidiary ZincNyx Energy Solutions Inc. and pay a partial share dividend of ZincNyx directly to MGX shareholders of record. The company plans to immediately dividend a portion of shares in the current privately held subsidiary as part of a one-time distribution to existing shareholders, resulting in a new publicly-traded company that will be primarily owned by MGX and its shareholders of record. The date of record for the share dividend distribution will be announced shortly. MGX believes the transaction will help realize the full value of ZincNyx and the unique opportunity of replacing or augmenting diesel generators globally with zinc-air mass storage systems in addition to backup and load balancing applications. “The scale of the opportunity and the value of the intellectual property, now in excess of 20 issued patents developed by ZincNyx, has setup an ideal scenario for a spinoff transaction and return of value to shareholders through partial dividend of shares,” MGX CEO Jared Lazerson stated in the news release.
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About MGX Minerals
MGX Minerals is a diversified Canadian resource company with interests in advanced material and energy assets throughout North America. For more information, visit the company’s website at www.MGXMinerals.com
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