Power Nickel Inc (TSX-V:PNPN, OTCQB:PNPNF) announced that it has completed the spinout of its Golden Ivan property in British Columbia and certain Chilean assets to shareholders through Chilean Metals.
CEO Terry Lynch said the spinout would allow Chilean Metals to grow “at its own pace and on its own merit.”
“We recently reviewed the exploration programs and we are very excited to have them advance their drill plans in mid-H1,” Lynch said.
“We are excited about the future at Chilean even while we remain focused on advancing our exploration at Nisk."
Power Nickel shareholders as of the market close on January 1 received one new Power Nickel share and 0.05 Chilean Metals shares for each share they previously held.
Shareholders now own about 50% of Chilean Metals, with Power Nickel retaining the rest.
This spin-out separates the two companies to enhance shareholder value, the company highlighted.
Power Nickel will focus on advancing its Nisk project while retaining a royalty interest in the Chilean Copaquire project, while Chilean Metals will develop the Golden Ivan property and several projects in Chile.