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Power Nickel Announces Shareholder Approval and Court Approval of Spin-Out of Golden Ivan Property and Chilean Assets
Power Nickel Announces Shareholder Approval and Court Approval of Spin-Out of Golden Ivan Propert...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"\n\n\n\n Power Nickel Announces Shareholder Approval and Court Approval of 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 Dec. 5, 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 that the shareholders of Power Nickel (the \"\n \n Shareholders\n \n \") have approved the previously announced plan of arrangement (the \"\n \n Arrangement\n \n \") 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 the Shareholders receiving common shares in Chilean Metals Inc., a wholly owned subsidiary of the Company (\"\n \n Spinco\n \n \" or \"\n \n Chilean Metals\n \n \").\n \n\n\n\n\n\n\n\n\n At the Company's annual general and special meeting held on\n \n November 22, 2024\n \n , the special resolution approving the Arrangement was approved by 96.81% of the votes cast by Shareholders. All of the other matters considered at the meeting, including the stock option plan for Spinco, were also approved in accordance with management's recommendations.\n \n\n In addition, the Company is pleased to announce that on\n \n November 27, 2024\n \n Power Nickel obtained a final order from the Supreme Court of\n \n British Columbia\n \n (\"\n \n Court\n \n \") in respect of the Arrangement which was a condition to enable closing of the Arrangement.\n \n\n Subject to the satisfaction or waiver of the remaining customary closing conditions, including final approval of the TSX Venture Exchange (\"\n \n TSXV\n \n \"), Power Nickel expects that the Arrangement will become effective on\n \n January 31, 2025\n \n or shortly thereafter. The Company will issue a subsequent news release confirming the closing of the Arrangement and relevant date for which Power Nickel shareholders of...