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CanAlaska Uranium Ltd. and Core Nickel Corp. Announce Closing of Spin-Out Plan of Arrangement
Vancouver, British Columbia--(Newsfile Corp. - November 10, 2023) - CanAlaska Uranium Ltd. ( TS...
About this update from Canalaska Uranium Ltd
[{"type":"text","content":"CanAlaska Uranium Ltd. and Core Nickel Corp. Announce Closing of Spin-Out Plan of ArrangementVancouver, British Columbia--(Newsfile Corp. - November 10, 2023) - CanAlaska Uranium Ltd. (TSXV: CVV) (OTCQX: CVVUF) (FSE: DH7N) (\"CanAlaska\" or the \"Company\") and Core Nickel Corp. (\"Core Nickel\") are pleased to announce that further to CanAlaska's press releases dated September 5, 2023 and October 26, 2023, the plan of arrangement spin-out transaction (the \"Arrangement\") has closed effective November 10, 2023 (the \"Effective Date\"). Completion of the Arrangement, as set forth in the arrangement agreement dated September 1, 2023 (the \"Arrangement Agreement\"), entered into between the CanAlaska and Core Nickel, was approved by the shareholders of CanAlaska (the \"CanAlaska Shareholders\") on October 25, 2023; by a Final Order granted by the Supreme Court of British Columbia on October 31, 2023, in accordance with Part 9 of the Business Corporations Act (British Columbia), and accepted by the TSX Venture Exchange (the \"TSXV\").Pursuant to the Arrangement Agreement, on the Effective Date:CanAlaska transferred the following assets to Core Nickel in consideration for 24,997,844 common shares of Core Nickel (the \"Core Nickel Shares\"):five (5) mineral properties commonly referred to as the Halfway Lake, Resting Lake, Hunter, Mel and Odei River properties; and$1,000,000 cash;the existing common shares of CanAlaska Creek were re-designated as CanAlaska Class A Shares (the \"CanAlaska Class A Shares\") and CanAlaska created a new class of common shares known as the \"New CanAlaska Common Shares\";each CanAlaska Class A Share issued and outstanding as of the close of business on November 9, 2023, was exchanged for one New CanAlaska Common Share and 0.19987 of one Core Nickel Share and thereafter the CanAlaska Class A Shares were cancelled;all outstanding CanAlaska warrants issued and outstanding as of the close of business on November 9, 2023, were adjusted to allow holders to acquire, upon exercise, one New CanAlaska Common Share and 0.19987 of one Core Nickel Share, such that up to an aggregate of 6,137,012 Core Nickel Shares may be issued if all outstanding warrants are exercised; all holders of CanAlaska options outstanding as of the close of business on November 9, 2023, received 0.19987 of one Core Nickel option with each who...