Business
Power Nickel Announces Execution of Arrangement Agreement for Spin-Out of Golden Ivan Property and Chilean Assets
Power Nickel Announces Execution of Arrangement Agreement for Spin-Out of Golden Ivan Property an...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"\n\n\n\n Power Nickel Announces Execution of Arrangement Agreement for Spin-Out of Golden Ivan Property and Chilean Assets\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 Oct. 18, 2024\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) is pleased to announce the Company has entered into an arrangement agreement for a strategic reorganization of its business pursuant to which the Company's interest in the Golden Ivan property, along with certain Chilean exploration assets and liabilities, will be spun out to Power Nickel shareholders (the \"\n \n Spin-Out\n \n \") through Chilean Metals Inc., a wholly owned subsidiary of the Company (\"\n \n Spinco\n \n \").\n \n\n The Spin-Out will provide investors with an ownership stake in two separate specialized companies. Power Nickel will continue to focus on the advancement of the Nisk project, while Spinco will focus on advancing the Golden Ivan property and the Chilean assets. The Golden Ivan property is located in\n \n Terrace, British Columbia\n \n and comprises of 13 mineral claims, covering a total area of 797 hectares. Spinco will also acquire the Company's interests in the Zulema, Tierra de\n \n Oro\n \n , Palo Negro, Hornitos and Tabaco projects located in\n \n Chile\n \n . Power Nickel will retain its royalty interest in the Chilean Copaquire project.\n \n\n \"We are pleased to progress with this exciting opportunity for the Company and its shareholders to spin-out the Golden Ivan property and the Company's Chilean assets. We are doing this to unlock value for Power Nickel shareholders. Fundamentally we believe our shareholders are not receiving at the moment any benefit from the properties we are spinning out. We also believe the private nature of the spin out, and that Spinco will initially not seek a stock exchange listing, may prove problematic for the non declared holders of what we believe is a naked short position in Power Nickel....