Power Nickel's Shareholders Approve Spin-Out of Golden Ivan Assets and Chilean Holdings

Power Nickel's Shareholder and Court Approval for Asset Spin-Out

Power Nickel Inc. recently reached a significant milestone as its shareholders approved a plan to spin out the Golden Ivan property and certain Chilean assets into a new entity called Chilean Metals Inc. This move was announced following a successful vote during the company's annual general and special meeting held on November 22, 2024.

With an overwhelming 96.81% of votes in favor, the resolution marks a vital step in Power Nickel's strategic reorganization. This reorganization aims to enhance shareholder value by creating two focused companies that can operate independently in their respective sectors. Power Nickel Inc. will continue its dedication to advancing the Nisk project, targeting the development of potentially Canada’s next polymetallic mine.

The approval follows the receipt of a final court order from the Supreme Court of British Columbia, securing the necessary legal backing to proceed with the spin-out arrangement. The company's leadership believes that separating the assets will allow both companies to unlock their full potential, particularly in Chile and British Columbia.

The Spin-Out: What It Means for Shareholders

Under the terms of this spin-out, Power Nickel shareholders will receive common shares in the newly formed Chilean Metals Inc. for each share they hold in Power Nickel. Specifically, every existing Power Nickel shareholder will be entitled to one new common share of Power Nickel and 0.05 common shares of SpinCo for each share held prior to the arrangement taking effect.

As part of the spin-out, Chilean Metals will acquire the company's interests in several exploration projects in both British Columbia and Chile. This includes the Golden Ivan property located in Terrace, BC, which spans 797 hectares and comprises 13 mineral claims, alongside various projects in Chile, such as Zulema and Tierra de Oro.

In addition to the development initiatives, Power Nickel's ongoing strategy includes addressing recent concerns about trading activities. The company is currently investigating allegations of naked short selling, which could potentially undermine shareholder interests. Executives are working diligently to ensure that trading activities remain transparent and fair while protecting the value of investments.

Looking Ahead

Power Nickel expects the reorganization to be effective by January 31, 2025, subject to final regulatory approvals. This strategic decision is projected not only to enhance operational focus for both entities but also to stimulate growth and investment opportunities in the respective markets they serve.

By streamlining asset management and focusing on targeted operations, both Power Nickel and Chilean Metals are positioned to make a significant impact in their fields. Investors can anticipate updates as the arrangements progress, along with guidance on how to convert their existing shares into the newly structured entities.

In concluding remarks from the company's executives, there is an optimistic outlook for 2025, with expectations of exciting developments on both fronts. Stakeholders have expressed gratitude for the ongoing support from shareholders and look forward to a fruitful year ahead, emphasizing a commitment to transparency and value creation.

About Power Nickel Inc.

Founded as a Canadian exploration company, Power Nickel specializes in the high-grade Nickel Copper PGM, Gold, and Silver Nisk project. Focused on seeking substantial growth opportunities in the mineral exploration sector, the company remains dedicated to advancing its existing properties while exploring new potential ventures in the mining landscape.

To learn more about Power Nickel and its recent initiatives, prospective shareholders are encouraged to read further into its corporate presentations and regulatory filings. The upcoming spin-out aims to redefine operational prospects for both Power Nickel and Chilean Metals as they embark on their individual paths toward growth and exploration success.