CanAlaska Uranium (TSXV: CVV; US-OTC: CVVUF) has received shareholder approval to spin out its five nickel properties into a new wholly owned subsidiary known as Core Nickel. CanAlaska will transfer to Core Nickel the Halfway Lake, Resting Lake, Hunter, Odei River, and Mel properties — all in the Thompson nickel belt of northern Manitoba — for approximately 25 million Core Nickel common shares. The Core Nickel shares will be distributed to CanAlaska shareholders on a pro rata basis.
CanAlaska will continue to focus on advancing its uranium properties, including the Key Extension, West McArthur, and Cree East projects in Saskatchewan’s Athabasca Basin.
“We believe the spinout of the nickel properties will be very beneficial to CanAlaska’s shareholders.” CanAlaska CEO and president Cory Belyk said in a release when the spinout was announced in September 2023. “Among other benefits, it will unlock the value of the nickel properties by allowing them to be explored and developed separately by a skilled and experienced management team, and it will allow CanAlaska’s shareholders to own shares in two public companies that are focused on different critical metals.”
The Mel nickel project in Manitoba now belongs to CanAlaska Uranium subsidiary Core Nickel. Credit: CanAlaska Uranium
The arrangement is subject to the usual court and regulatory conditions. It is expected to close in November.
Core Nickel will be managed by CEO and president Misty Urbatsch and CFO Harry Chan. The board of directors will be comprised of Misty Urbatsch, Cory Belyk, Karen Lloyd, and Shane Shircliff.
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