Creamer Media Login

Manitou to spin out nickel/cobalt/PGE commodities

17th August 2022

Font size: - +

The board of directors of Manitou Gold has approved the strategic reorganisation of its assets, with the proposed spin out of its nickel/cobalt/platinum group element (PGE) commodities from its Goudreau project, in northern Ontario, into a new subsidiary.

The spin-out, to be named Western Nickel, would be listed on a Canadian stock exchange and a portion of the shares would be distributed directly to the shareholders of Manitou.

The spin-out would allow Manitou to continue as a gold-focused exploration company. The decision followed the company’s recent success in demonstrating the broad untested potential for significant nickel mineralisation within the Goudreau project.

Manitou will embark on a new 1 000-m drill programme as a direct follow-up to the recent drill intersection of 0.25% nickel over 48 m at Goudreau.

“The spin-out of Western Nickel by Manitou will be very positive for all shareholders of the company,” said president and CEO Richard Murphy.

“Our shareholders will receive new shares of a pure nickel/cobalt/PGE company for no additional consideration, as well as a continued indirect interest in Western Nickel through the interest to be retained in the spun-out company by Manitou. As a result, they will benefit from the upside potential of both a gold-focused company, as well as a nickel/cobalt/PGE company – all within the 366 km²Goudreau project.”

It is currently anticipated that the spin-out will be effected by way of a plan of arrangement, and that Manitou will retain up to 19.9% of the Western Nickel shares issued and outstanding at closing. However, the company said that the final terms of and determination to proceed remained subject to further tax and securities considerations,

Edited by Creamer Media Reporter

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

Click Here

MAGAZINE & ONLINE

➕

RESEARCH CHANNEL AFRICA

➕

CORPORATE PACKAGES

CLICK FOR A QUOTATION

➕