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CanAlaska Announces Spinout of 5 Nickel Properties and other Assets and Sets Date for Annual General & Special Meeting
Vancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - CanAlaska Uranium Ltd. (TSXV...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Announces Spinout of 5 Nickel Properties and other Assets and Sets Date for Annual General & Special MeetingVancouver, British Columbia--(Newsfile Corp. - September 5, 2023) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) (\"CanAlaska\" or the \"Company\") is pleased to announce that its board of directors has unanimously approved a spinout of the Company's Halfway Lake, Resting Lake, Hunter, Odei River and Mel properties (collectively, the \"Nickel Properties\") totalling 36,174 hectares (Figure 1), and $1,000,000 cash (together with the Nickel Properties, the \"Assets\"), to its shareholders by way of a share capital reorganization effected through a statutory plan of arrangement (the \"Arrangement\"). Under the Arrangement, CanAlaska will transfer the Assets to its wholly-owned subsidiary, Core Nickel Corp. (\"Core Nickel\"), in consideration for approximately 25,000,000 Core Nickel common shares. The Core Nickel shares will then be distributed to CanAlaska's shareholders pro rata their interest in CanAlaska. Upon completion of the Arrangement, CanAlaska's shareholders will own shares in two reporting companies: Core Nickel, which will focus on developing the Nickel Properties, and CanAlaska, which will continue to retain an interest in over 25 separate property packages and will focus on the development of its uranium properties. Cory Belyk, CanAlaska's CEO & President, stated, \"We believe the spinout of the Nickel Properties will be very beneficial to CanAlaska's shareholders. Among other benefits, it will unlock the value of the Nickel Properties by allowing them to be explored and developed separately by a skilled and experienced management team, and it will allow CanAlaska's shareholders to own shares in two public companies that are focussed on different critical metals. Investment in nickel discovery is poised to rapidly accelerate as demand for clean electricity storage and delivery is predicted to exponentially grow on a global scale. Additional nickel resources must be discovered!\"The spinout transaction will be effected pursuant to the arrangement provisions of the Business Corporations Act (British Columbia) and must be approved by the Supreme Court of British Columbia and by the affirmative vote of two-thirds (2/3) of CanAlaska's shareholders in attendance at a shareholders' meetin...