May 06, 2016 12:18 AM ET

Metals and Mining

Company Overview of Minecorp Energy Ltd.

Company Overview

Minecorp Energy Ltd., an exploration stage junior mining company, focuses on the exploration of metallurgical coal, and oil and gas projects in North American. The company was formerly known as Global Met Coal Corporation and changed its name to Minecorp Energy Ltd. in July 2014. Minecorp Energy Ltd. was incorporated in 2005 and is based in Vancouver, Canada.

1605 – 837 West Hastings Street

Vancouver, BC V6C3N7


Founded in 2005

Key Executives for Minecorp Energy Ltd.

Chief Executive Officer, President, Director and Member of Audit Committee
Age: 65
Total Annual Compensation: C$240.0K
Compensation as of Fiscal Year 2014.

Minecorp Energy Ltd. Key Developments

Minecorp Energy Ltd. Enters into Agreement with Magnum Manufacturing, LLC to Form a Joint Venture

Minecorp Energy Ltd. announced that it has entered into a letter of intent with Magnum Manufacturing, LLC, wherein the parties intend form a joint venture to conduct international business development of Magnum’s tubular running and drilling equipment and technology via a proposed Joint Venture Partnership in Mexico and other mutually agreed countries. The proposed joint venture between Magnum and Minecorp will be structured on the growing demand in the oil and gas market for Magnum’s innovative products and its industry expertise. The contributions by each party include, but are not limited to, the following: Magnum: Shall supply the trained operational personnel and industry contacts; shall provide research and development, quality control and quality assurance of its equipment, for installation/running, reaming and/or drilling; and shall provide technology information for international government affairs and approvals for implementation for its Licensee in Mexico, as needed. Minecorp: Shall provide financing for international business development in Mexico proportionate to its share of ownership of the joint venture; and shall assist with international business development in Mexico, as needed, including sales and marketing, logistics, government affairs, global import and export, trade and manufacturing of Magnum technologies. With both parties having substantially completed due diligence, Minecorp and Magnum will now proceed with the negotiation of a formal joint venture agreement. While final terms to be settled, the current understating of the Parties is that Magnum will contribute up to $11,000,000 in oilfield services equipment for a 40% interest in the joint venture while Minecorp will provide up to $8,000,000 in funding to the joint venture, of which approximately $4,000,000 would be required in the first year, for a 60% interest in the joint venture, Minecorp anticipates such funding to be by way of a combination of equity and debt financing.

Minecorp And Magnum Forms JV Mulling Acquisitions In Latin America

Minecorp Energy Ltd. TSXV:MCE) and Magnum Manufacturing LLC signed letter of intent to forms a joint-venture to operate in the region of Mexico and Latin America. The joint-venture is expected to be used to make acquisitions in the region. "Minceorp sees this venture as not only an opportunity to take advantage of the increased demand for third party oilfield services and supplies brought about by privatization of the oil industry in Mexico but also as a significant opportunity to acquire participating oil and gas interests in Mexico and throughout Latin America. Minecorp sees this latter opportunity as forming the core of its business activities in due course," Minecorp announced.

Minecorp Energy Ltd. Appoints Sean McGrath as Chief Financial Officer

Minecorp Energy Ltd. announced the appointment of Sean McGrath as the company's new Chief Financial Officer effective December 1, 2015 to replace Ann Fehr who resigned as CFO effective August 01, 2014. Mr. McGrath is currently the Chief Financial Officer and a Director of Abenteuer Resources Corp. He previously served as General Manager of Finance for Minera IRL Limited.

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