Canadian exploration company Power Nickel is expected to complete a plan of arrangement today regarding the spin-out of its Golden Ivan Property and certain Chilean assets and liabilities to its wholly owned subsidiary, Chilean Metals (Spinco).
For each common share held, Power Nickel shareholders will receive one new common share of the company and 0.05 of a Spinco common share.
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The company’s outstanding options will also be adjusted, providing option-holders new options to purchase shares in both Power Nickel and Spinco.
This spin-out arrangement allows shareholders to have stakes in two distinct entities.
Power Nickel will focus on developing the Nisk project, while Spinco will advance the Golden Ivan property and the Chilean projects.
Spinco will also take over interests in the Zulema, Tierra de Oro, Palo Negro, Hornitos and Tabaco projects in Chile, with Power Nickel retaining its royalty interest in the Chilean Copaquire project.
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By GlobalDataAdditionally, the NISK property features an extensive land area spanning 20km in strike length and includes multiple high-grade intercepts.
The 2025 winter drill campaign on the NISK project with hole PN-24-96 began in January 2025. This hole will test the depth extension along the trend of the Lion zone, building on successful 2024 drilling that uncovered high-grade copper and precious metals.
The Golden Ivan property encompasses 13 mineral claims over 797 hectares in Terrace, British Columbia.
The special resolution for this arrangement was approved by shareholders at their Annual General and Special Meeting in December last year, following a final order from the Supreme Court of British Columbia on 27 November 2024.
Endeavor Trust Corporation, acting as the depositary, has facilitated the arrangement.
The new Power Nickel shares will continue to be traded on the TSX Venture Exchange in Canada, the OTC Market in the US and the Frankfurt Stock Exchange in Germany.
Spinco shares will not be listed on any stock exchange post-arrangement. Spinco is a reporting issuer in British Columbia and Alberta, adhering to continuous disclosure obligations under Canadian securities laws.
