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MGX Minerals Inc.

MGX Minerals closes spin-out of technology unit MGX Renewables

The Vancouver-based diversified resource company will retain around 18 million shares of MGX Renewables

zinc air flow battery system
Pictured is MGX Renewables' Energy Storage System

MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) announced Friday that it has completed its spin-out of MGX Renewables Inc, the energy company pioneering zinc-air flow battery technology.

The Vancouver-based diversified resource company will retain around 18 million shares of MGX Renewables, parent company MGX Minerals said in a statement.

Shares of MGX gained 2% in Canada at C$0.25 and slipped 1.6% on OTC markets at US$0.19.

READ: MGX Renewables jumps closer to CSE listing as parent company MGX Minerals closes C$2 million financing

The company also announced that the escrow release conditions were met on MGX Renewables’ offering of 8.02 million subscription receipts to raise just over C$2 million. Net proceeds have been released to MGX Minerals, the company said in a statement.

MGX Renewables is conditionally approved to list its shares on the Canadian Securities Exchange subject to its fulfilling of listing requirements, which is expected to happen by July 11, 2019.

The technology company is advancing zinc-air flow batteries with 20 patents granted so far designed for high capacity and long duration. They can be used in a wide range of energy storage applications in the fields of renewable energy, industrial backup power and grid-scale energy.

--Updates share price--

Contact Angela at [email protected]

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Quick facts: MGX Minerals Inc.

Price: $0.20

Market: CSE
Market Cap: $28.08 m
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