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MGX Minerals updates on spin-off plans for ZincNyx

The company has not yet made any application to list the ZincNyx shares but if all goes to plan, MGX shareholders will end up owning one-third of the company

Initial public offering
The financial audit of ZincNyx has been completed

MGX Minerals Inc (CNSX:XMG) said its wholly-owned subsidiary ZincNyx Energy has received the first shipment of components for its zinc-air fuel cell battery.

The regenerator and fuel cell parts form the nucleus of ZincNyx's commercial mass storage system that will provide four times the capacity of earlier models.

READ MGX Minerals surges after agreeing to acquire stake in three Chilean lithium exploration projects​

MGX plans to spin-off ZincNyx Energy Solutions as a separate listed company and said the filing of the preliminary prospectus is expected soon. The plan is for MGX to retain 66.6% of the share capital of ZincNyx with MGX shareholders receiving shares amount to one-third of the share capital by way of a “dividend in kind” distribution.

Shares in MGX were up 1.2% at C$0.86.

Quick facts: MGX Minerals Inc.

Price: 0.08 CAD

CSE:XMG
Market: CSE
Market Cap: $11.23 m
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