Business
Power Nickel announces company will spinout non-core BC and Chilean projects
(NewsDirect) Power Nickel Inc CEO Terry Lynch joined Steve Darling from Proactive to shar...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Power Nickel announces company will spinout non-core BC and Chilean projects\n \n \n (NewsDirect)\n \n \n \n \n Power Nickel Inc CEO Terry Lynch joined\nSteve Darling from Proactive to share news regarding the company's\nstrategic decisions.\n \n \n The company\nhas decided to transfer its non-core assets in British Columbia and\nChile into a wholly-owned subsidiary. These projects, including Golden\nIvan in BC and Zulema and Tierrade Oro in Chile, are focused on gold\nand copper exploration. The company will seek shareholder approval for\nthe move at its upcoming annual general meeting in the fall.\n \n \n The strategic decision allows Power Nickel\nto concentrate its efforts and resources on its flagship asset, the\nNisk Nickel Project in Quebec.\n \n \n Lynch explained to Proactive that the decision to create a\nwholly-owned subsidiary for the non-core assets will benefit Power\nNickel shareholders. The new entity will be able to pursue growth\nopportunities independently and secure separate financing. It will\nalso have its own CEO and Board, facilitating more focused and\nefficient management.\n \n \n In addition,\nPower Nickel has announced its intention to sell its 3% royalty on the\nCopaquire Project, which is owned by Teck Resources. Teck has the\noption to buy the first 1% of the royalty for $3 million and has the\nright of first refusal in case of a royalty sale. While the long-term\npotential for the royalty remains promising, the company believes that\nselling it will reduce dilution at the Nisk Nickel Project and provide\nadditional funding for exploration.\n \n \n Power Nickel remains\ncommitted to maximizing value for its shareholders and believes that\nthese strategic moves will help streamline its operations, enhance\nfocus on the Nisk Nickel Project, and create opportunities for growth\nand exploration.\n \n \n \n Contact Details\n \n \n \n Proactive\nInvestors\n \n \n +1 347-449-0879\n \n \n \n [email protected]\n \n \n \n Copyright (c) 2023 TheNewswire - All rights reserved.\n \n \n","length":2504,"tagName":"div"}]