Business
Power Nickel to Spin Out British Columbia and Chilean Projects Into Consolidated Gold and Copper Inc. Via Plan of Arrangement and Places 3% Copaquire Royalty up for Sale
TORONTO, ON / ACCESSWIRE / July 20, 2023 / Power Nickel Inc. (" Power Nickel " or the " Company ...
About this update from Power Metallic Mines Inc.
[{"type":"text","content":"Power Nickel to Spin Out British Columbia and Chilean Projects Into Consolidated Gold and Copper Inc. Via Plan of Arrangement and Places 3% Copaquire Royalty up for SaleTORONTO, ON / ACCESSWIRE / July 20, 2023 / Power Nickel Inc. (\"Power Nickel\" or the \"Company\") (TSX-V:PNPN) (OTC:PNPNF) is pleased to announce it has completed its review of the Company's assets and has formalized the following plan to optimize its non-core assets while maintaining its focus on the exploration and development of Nisk, the Company's High Grade Nickel PGM Project near Nemaska, Quebec.Step 1 - The Company will transfer the beneficial interest in its Golden Ivan property to Consolidated Gold and Copper Inc. (\"Consolidated\") in exchange for common shares of Consolidated. Consolidated, through various other wholly-owned subsidiaries, also hold the Company's Chilean assets (other than Copaquire described below). The Company will seek approval to spin out Consolidated via a Plan of Arrangement and distribute Consolidated shares to its shareholders, which will be more particularly described in an information circular (the \"Circular\") that will be delivered to shareholders in connection with voting on the Plan of Arrangement and other usual annual general meeting matters. There is no immediate intention to list Consolidated's shares on any stock exchange or quotation system. As a spin out from a public company, even if Consolidated is not listed, Consolidated will be obligated to file continuous disclosure under Canadian securities laws, including annual audited financial statements and interim unaudited financial statements and related management discussion and analysis.The Company expects to hold the Annual and Special Meeting in October.Power Nickel has retained RWE Growth Partners to provide a fairness opinion and valuation as to the value of Consolidated and the fairness of the Plan of Arrangement to shareholders. The Company plans to allocate 25% of the Consolidated shares to Power Nickel's shareholders as more particularly set out in the Circular. The expectation is that Power Nickel will hold 26,000,000 common shares of Consolidated prior to the proposed Plan of Arrangement. For every 20 shares of Power Nickel that a shareholder holds, that shareholder will receive 1 share of Consolidated resulting in the distribution of approximately 6,500...