December 14, 2016 / 1:58 PM / in a year

BRIEF-Iberian Minerals to spin-out x-leach reagent technology to EnviroLeach Technologies

Dec 14 (Reuters) - Iberian Minerals:

* Co’s board have unanimously approved proposal to spin-out co’s x-leach reagent technology to EnviroLeach Technologies Inc

* Iberian minerals - spin-out will include transfer of all x-leach related assets to EnviroLeach for price of $3 million

* Iberian minerals - under terms of proposed spin-out Co’s current shareholders to receive about 1 share of EnviroLeach for every 10 shares held in Iberian

* Iberian minerals ltd - under terms of proposed spin-out, iberian will also be issued a promissory note in amount of $1.6 million

* Iberian Minerals - under terms of proposed spin-out, Iberian will receive 2 million shares of EnviroLeach representing 5.41% of issued, outstanding shares

* Iberian Minerals - spin-out will include transfer of all intellectual property rights to eco-friendly x-leach, non-cyanide based leach formula to EnviroLeach Source text for Eikon: Further company coverage:

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