MGX Minerals Inc.(CSE:XMG) (OTCMKTS:MGXMF) informed investors Friday that its subsidiary MGX Renewables Inc has been approved to list on the Canadian Securities Exchange (CSE) as an independent entity.
MGX Renewables has been conditionally approved to list its shares and has satisfied the requirements for listing on the CSE, which is expected to occur on July 23.
Shares in MGX Renewables will trade under the stock symbol “MGXR.”
MGX Renewables previously announced the completion of its spin-out from MGX Minerals Inc. The Vancouver-based company said that it had closed a financing of just over C$2 million through the sale of 8 million subscription receipts at $0.25 per receipt. Subscription receipts will be converted into common shares once the transaction closes.
The spinout is non-dilutive to MGX Minerals shareholders, the company said in a statement.
MGX Renewables 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.
MGX Minerals is a diversified Canadian resource and technology company with interests in global advanced material, energy and water assets.