Shareholders of TSX-V-listed CanAlaska have approved the company’s plans to spin out its five nickel properties into a new subsidiary, Core Nickel.
Core Nickel will focus on developing nickel properties, while CanAlaska will continue to retain an interest in more than 25 separate property packages and will focus on the development of its uranium properties.
“CanAlaska's shareholders will now own shares in two public companies that are focused on different critical metals including uranium for clean energy generation and nickel for storage and delivery of that clean energy to the end-user," said president and CEO Cory Belyk.
With more than 99% shareholder approval for the spinout of the Halfway Lake, Resting Lake, Hunter, Odei River and Mel properties, totalling 26 174 ha, he added that the support from shareholders was a clear vote of confidence in the strategic vision of the Core Nickel spinout transaction.
"Additional nickel resources must be discovered, and the Thompson Nickel Belt, in Manitoba, is an underexplored tier-one nickel jurisdiction primed for a major new discovery,” said Belyk.
With shareholder approval now in hand, the next step in the spinout process is to obtain final approval from the Supreme Court of British Columbia at a hearing scheduled for October 31.
The arrangement is expected to close in November. Upon completion, it is intended that Core Nickel will be managed by Misty Urbatsch as CEO and president, and Harry Chan, as CFO.