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micrex development corp (MIX) Snapshot

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10/8/13 - C$0.07
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09/26/14 - C$0.02
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micrex development corp (MIX) Details

Micrex Development Corporation, an exploration stage company, engages in the exploration and development of precious metals, industrial minerals, and rare earth properties in Canada. It primarily focuses on the development of the Burmis magnetite/titanium property located in Crowsnest region, Alberta; and the St. Charles de Bourget Deposit located near Saguenay, Québec. The company was founded in 1987 and is based in Edmonton, Canada.

Founded in 1987

micrex development corp (MIX) Top Compensated Officers

Founder, Chief Executive Officer, President, ...
Total Annual Compensation: C$150.0K
Chief Financial Officer and Director
Total Annual Compensation: --
Compensation as of Fiscal Year 2012.

micrex development corp (MIX) Key Developments

Micrex Development Corp. Announces Acquisition of Quebec Granite Property

Micrex Development Corp. announced that it has closed its previously announced acquisition of a 100% interest in a granite claim located near Saint-Alexis-des-Monts, Quebec. The property is comprised of one claim covering approximately 88 acres and has operated as a quarry for a number of years. The company has agreed to pay $780,000 for the property, of which $150,000 was paid on closing and $100,000 to be paid in 1,000,000 treasury shares at a deemed price of $0.10 at closing. In addition $100,000 will be paid on each of the second, third, fourth and fifth anniversary dates of closing and $30,000 will be paid on the sixth anniversary date. Micrex shall have the right to elect annually to pay part or all of each annual payment in treasury shares at the then current market price. In addition, the vendor will receive a production royalty of 20% of net sales to be paid quarterly until such time as a total of $100,000 has been paid. The company has raised $300,000 in 3 year notes, principally from insiders, which will carry a 5% interest rate plus a 5% sales royalty on sales from the granite quarry until repaid, and then a 2% royalty until the company repurchases the royalty for a total of $300,000. $150,000 of these funds were used to acquire the granite property, with the balance going toward working capital.

Micrex Development Corp., Annual General Meeting, Nov 16, 2013

Micrex Development Corp., Annual General Meeting, Nov 16, 2013., at 09:00 US Mountain Standard Time. Location: Chateau Nova, 159 Airport Road. Agenda: To receive the financial statements of the corporation for the year ended August 31, 2012 together with the report of the auditors thereon; to elect directors of the corporation for the ensuing year, as described in the information circular accompanying this notice; to appoint auditors of the corporation for the ensuing year and to authorize the Board of Directors to fix the auditors' remuneration; and to consider and, if thought fit, to pass an ordinary resolution approving the corporation's existing stock option plan; and to transact such other business as may properly come before the Meeting or any adjournment or adjournments thereof.

Micrex Development Corp. Receives $2,000,000 Order from Chemco Inc

Micrex Development Corp. announced that it has received a $2,000,000 order from Chemco Inc. for magnetite to be used for the production of ferric sulphate for water treatment plants. As part of this agreement, Chemco will be working with Micrex on the sale of magnetite for this specialized market throughout eastern Canada and northeastern United States. This comes at the end of a large evaluation program of various magnetite sources, including the St-Charles de Bourget deposit where drilling, testing and assays were conducted. Micrex estimates the market in Canada and the US for magnetite used in the production of ferric sulphate at $10,000,000 annually. Delivery of this order is expected to occur in early 2014.


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