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.
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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.