Business
Power Nickel and Chilean Metals Announce Completion of Spin-Out
Power Nickel and Chilean Metals Announce Completion of Spin-Out Canada NewsWire ...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"\n\n\n\n Power Nickel and Chilean Metals Announce Completion of Spin-Out\n \n\n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n\n\n\n\n\n Canada NewsWire\n \n\n\n\n\n\n TORONTO\n \n\n ,\n \n\n Feb. 3, 2025\n \n\n /CNW/ -\n \n Power Nickel Inc\n \n .\n \n (the\n \n\n \"Company\"\n \n\n or\n \n\n \"Power Nickel\"\n \n\n )\n \n (TSXV: PNPN) (OTCBB: PNPNF) (Frankfurt: IVV) and Chilean Metals Inc. (\"\n \n Chilean Metals\n \n \") are pleased to announce that they have completed the previously announced strategic reorganization of their business pursuant to which the Golden Ivan Property and certain Chilean assets and liabilities have been spun out to Power Nickel shareholders (the \"\n \n Spin-Out\n \n \") through Chilean Metals.\n \n\n\n\n\n\n\n\n\n\n\n Terry Lynch\n \n , Chief Executive Officer of Power Nickel and a Director of Chilean Metals, commented:\n \n\n\n \"\n \n Wow that was easy! All kidding aside it's terrific to have this accomplished. It will allow Chilean Metals to be able to grow at its own pace and on its own merit. We recently reviewed the exploration programs and we are very excited to have them advance their drill plans in mid H1. Will have a more fulsome update for the market around PDAC. We are excited about the future at Chilean even while we remain focused on advancing our exploration at Nisk\n \n .\"\n \n\n The Spin-Out was completed by way of a statutory plan of arrangement (the \"\n \n Arrangement\n \n \") pursuant to the\n \n Business Corporation Act\n \n (\n \n British Columbia\n \n ). The Arrangement became effective at\n \n 12:01 a.m.\n \n on\n \n February 3, 2025\n \n (the \"\n \n Effective Time\n \n \"). In accordance with the Arrangement, the Power Nickel shareholders of record as at the close of trading on\n \n January 31, 2025\n \n (the \"\n \n Shareholders\n \n \") will receive, in exchange for each Power Nickel common share held immediately prior to the Effective Time: (i) one new common share in the authorized capital of Power Nickel (each, a \"\n \n New Power Nickel Share\n \n \"); and (ii) 0.05 of one common share in the authorized capital of Ch...