Junior Miner Trading Higher on Reorganization Plans

By: Dylan Sikes – AllPennyStocks.com News

Friday, October 18, 2024

This junior miner focuses on developing the high-grade Nisk project into Canada's first Carbon-Neutral Nickel mine. Shares are trading up on Friday following the execution of an agreement for a spin-out of one of its properties.

Power Nickel Inc. (TSXV: PNPN) (OTCBB: PNPNF) announced in a press release today that they have entered into an arrangement agreement for a strategic reorganization of its business pursuant to which their interest in the Golden Ivan property, along with certain Chilean exploration assets and liabilities, will be spun out to Power Nickel shareholders through Chilean Metals Inc., a wholly owned subsidiary of the company.

The spin-out will provide investors with an ownership stake in two separate specialized companies, Power Nickel and Spinco. Power Nickel will continue to focus on advancing the Nisk project, while Spinco will focus on advancing the Golden Ivan property and the Chilean assets. The move is being done to unlock value for Power Nickel shareholders.

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