Business
CanAlaska Receives Shareholder Approval for the Spinout of 5 Nickel Properties at Annual General & Special Meeting
Vancouver, British Columbia--(Newsfile Corp. - October 26, 2023) - CanAlaska Uranium Ltd. (TSXV:...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Receives Shareholder Approval for the Spinout of 5 Nickel Properties at Annual General & Special MeetingVancouver, British Columbia--(Newsfile Corp. - October 26, 2023) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) (\"CanAlaska\" or the \"Company\") is pleased to report the results from its Annual General & Special Meeting of shareholders (the \"Meeting\") held October 25, 2023. A total of 43,907,679 common shares of the Company were represented at the Meeting, being approximately 35% of the Company's issued and outstanding shares. Shareholders approved all matters brought before the Meeting, including re-appointing Deloitte LLP, Chartered Professional Accountants, as the Company's auditor and approving the continued use of the Company's Omnibus Plan, the proposed Arrangement (see below) and the proposed Core Nickel Corp. stock option plan. In addition, Cory Belyk, Peter Dasler, Amb. Thomas Graham, Jr., Geoffrey Gaye, Karen Lloyd and Jean Luc Roy were all re-elected as directors for the ensuing year.The Company received over 99% shareholder approval for the 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 to 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, \"The overwhelming support from our shareholders is a clear vote of confidence in our strategic vision and benefits of the Core Nickel Spinout transaction. The approval allows CanAlaska t...