Iberian Minerals Ltd. (the "Company" or "Iberian") announced today that, further to its press release dated November 17, 2015, Iberian has acquired (the "Acquisition") Mineworx Technologies Inc. ("Mineworx"), a private arm's length mining and technology company, subject to TSX Venture Exchange final approval.
The Acquisition was completed pursuant to the terms of the amalgamation agreement (the "Amalgamation Agreement") made among Mineworx, Iberian and a wholly-owned subsidiary of Iberian, whereby Mineworx amalgamated with the wholly-owned subsidiary of Iberian, and continues as one wholly-owned subsidiary of the Company. Under the terms of the Amalgamation Agreement, Mineworx shareholders are entitled to receive approximately 2.53646 common shares of Iberian ("Iberian Shares") for every one (1) Mineworx common share. In connection with the Acquisition, Iberian has issued 83,999,943 Iberian Shares to the former Mineworx shareholders. In addition, Mr. Duane Nelson has joined the Board of Directors of Iberian.
Iberian intends to provide a further update with respect to its business strategy for 2016 in early January.
About Iberian Minerals
Iberian Minerals is a Canadian junior mining company positioned for growth in North America through the partnership of advanced cash flow mining opportunities utilizing the Mineworx environmentally friendly toll-processing technology.
The Company is also implementing a business strategy to actively engage its Spanish contacts and technical team towards the further accumulation of high interest assets throughout the mineral rich Iberian Peninsula. Iberian Minerals is currently evaluating its Caurio gold/copper/silver concessions located in the Rio Narcea Gold Belt in Asturias, northern Spain and the recently acquired Aroche Wollastonite concession in the province of Huelva, south western Spain. The Company is also studying the re-opening of the Cehegin iron ore concessions in south eastern Spain. For further information, go to www.iberianminerals.ca