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Fundy Minerals Ltd Sells its Interest in Minex Technologies - Fundy Minerals Ltd, New Brunswick-based sell sits interests in Minex Technologies to World Mining Services - FundyMinerals.com
Fundy Minerals Ltd Sells its Interest in Minex Technologies

 

PRZOOM - /newswire/ - Fredericton, New Brunswick, Canada, 2007/02/15 - Fundy Minerals Ltd, New Brunswick-based sell sits interests in Minex Technologies to World Mining Services - FundyMinerals.com.

   
 
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The Board of Fundy Minerals Ltd ("Fundy" or "the Company"), the Canadian and West African Exploration Company, is pleased to announce the sale of its forty percent interest in Minex Technologies Ltd. (“Minex”) to privately held World Mining Services Ltd. (“WMS”), which owns, operates and licenses technologies, for £2.1 million in equity of WMS.

Following the sale Fundy will focus its resources on its remaining core activities in Canada and Liberia where it remains focused on advancing its base metals, limestone and diamond projects. The disposal will also free up funds for Fundy to invest in developing these projects as WMS will now be the sole investor in Minex. WMS intends to list its shares on an exchange in the UK.

Fundy Chairman and CEO, Jeff Michel stated, “We are pleased to have completed the disposal as we feel it will permit a better valuation for Minex as well as enable Minex to receive the necessary financing to complete its development in a more expedient manner. Fundy shareholders will still benefit from any future success at Minex without diluting the Company’s efforts corporately or diverting the Company’s focus.

“Additionally, Fundy shareholders will benefit from sharing in the overall success of WMS as it grows its portfolio. Together this transaction will provide a diversified, segregated growth opportunity for our shareholders whilst clarifying the identity of Fundy to the market.”

The Directors of the Issuer accept responsibility for this announcement.

 
 
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Fundy Minerals Ltd Sells its Interest in Minex Technologies

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Contact: Jeff Michel - FundyMinerals.com 
561-575-1720 info[.]fundyminerals.com
 
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IMPORTANT INFORMATION: Issuance, publication or distribution of this press release in certain jurisdictions could be subject to restrictions. The recipient of this press release is responsible for using this press release and the information herein in accordance with the applicable rules and regulations in the particular jurisdiction. This press release does not constitute an offer or an offering to acquire or subscribe for any Fundy Minerals Ltd securities in any jurisdiction including any other companies listed or named in this release.

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