Business
Power Nickel Provides Update on Spin-Out of Golden Ivan Property and Chilean Assets
Power Nickel Provides Update on Spin-Out of Golden Ivan Property and Chilean Assets Can...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"\n\n\n\n Power Nickel Provides Update on 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 Jan. 31, 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) is pleased to announce that, further to the Company's press releases dated\n \n December 5, 2024\n \n and\n \n January 16, 2025\n \n , the previously announced plan of arrangement (the \"\n \n Arrangement\n \n \"), whereby Power Nickel will spinout (the \"\n \n Spin-Out\n \n \") the Golden Ivan Property and certain Chilean assets and liabilities to Chilean Metals Inc. (\"\n \n Spinco\n \n \", a wholly owned subsidiary of the Company), is expected to become effective at\n \n 12:01 a.m. PST\n \n on\n \n February 3, 2025\n \n (the \"\n \n Effective Time\n \n \").\n \n\n Assuming the Arrangement becomes effective on\n \n February 3, 2025\n \n , the Power Nickel shareholders of record as of the close of trading on\n \n January 31, 2025\n \n (the \"\n \n Shareholders\n \n \") will receive, for each Power Nickel common share held immediately prior to the Effective Time: (i) one new common share of Power Nickel (each, a \"\n \n New Power Nickel Share\n \n \"); and (ii) 0.05 of one Spinco common share (each, a \"\n \n Spinco Share\n \n \"). Outstanding options to purchase common shares in the Company will also be adjusted pursuant to the Arrangement, such that the holders of options will receive new options to purchase New Power Nickel Shares and Spinco Shares, as described in more detail in the Company's information circular dated\n \n October 21, 2024\n \n (the \"\n \n Information Circular\n \n \"). As set out in the Information Circular, Power Nickel has chosen to deal with its outstanding warrants for Power Nickel Shares outside of the Arrangement and under contractual adjustment provisions in the warrant certificates.\n \n\n The Company's transfer agent Endeavor Trust Corporation will act as dep...