MGX Minerals Inc (CSE:XMG) (OTCMKTS:MGXMF) said Tuesday that it has received interim court approval to complete a 40% share spinoff of MGX Renewables.
Vancouver-based MGX Minerals, a developer of lithium, magnesium and silicon projects, said in a press release that the spinoff is subject to approval of shareholders at a January 11 meeting. The spinoff was approved in an interim order from the Supreme Court of British Columbia, according to MGX Minerals.
MGX Renewables was formerly known as ZincNyx Energy Solutions Inc.
READ: MGX Minerals' ZincNyx Energy subsidiary renamed as MGX Renewables Inc; unveils spin-out details
In addition, MGX Minerals said testing has begun for the MGXR ZRM-4500, a zinc regeneration module that uses electricity to extract zinc particles from a potassium zincate solution.
The ZRM-4500 is a key component of a patented zinc-air energy storage system. In this system, energy is stored in the form of zinc particles, similar in size to grains of sand. When the system is recharging, the zinc particles are regenerated and the evolved oxygen is returned to the surrounding air by the zinc regeneration module.
Earlier this month, MGX Minerals said its joint-venture partner Chilean Lithium Salars had started drilling in Chile.
Shares of MGX Minerals slipped C$0.03 to C$0.42 in Monday’s Canadian trading. They were down US$0.03 to US$0.30 on the OTC Markets.
Contact Dennis Fitzgerald at [email protected]