Power Nickel (TSX-V:PNPN) today (3 February) expects the spin out of its Golden Ivan Project and certain Chilean assets to new entity Chilean Metals to take effect.
In October 2024, the Canadian junior explorer outlined the demerger will be undertaken via a plan of arrangement, in which Power Nickel shareholders will receive common shares in Chilean Metals.
The company will issue each shareholder one new Power Nickel share and 0.05 of a Chilean Metals share, for each Power Nickel share already held.
Once the arrangement has become effective, the new Power Nickel shares will continue trading on the TSX Venture Exchange in Canada, on the OTC Market in the US, and on the Frankfurt Stock Exchange in Germany.
The company says the spin out provides shareholders with an ownership stake in two separate specialised companies.
Power Nickel intends to continue focusing on advancing its Nisk Project, while Chilean Metals will focus on advancing the Golden Ivan Project and the Chilean projects.
The Golden Ivan Project, which covers 797 hectares, lies in Terrace, British Columbia. Meanwhile, the Chilean assets comprise the Zulema, Tierra de Oro, Palo Negro, Hornitos, and Tabaco projects.
As part of the arrangement, Power Nickel will retain its royalty interest in the Chilean Copaquire Project.
Power Nickel is a mineral explorer focused on developing the nickel, copper, platinum group element, gold, and silver Nisk Project into potentially Canada’s next polymetallic mine.
The company will be exhibiting at this year’s Prospectors & Developers Association of Canada (PDAC) event being held from 2-5 March in Toronto, Canada.
The annual award winning convention brings together up to 30,000 attendees from over 130 countries for its educational programming, networking events, as well as business and investment opportunities.
Mining.com.au is an official media partner for the upcoming event.
To register for PDAC 2025 click here.
Write to Aaliyah Rogan at Mining.com.au
Images: Power Nickel
