12:44 PM EST, 12/05/2024 (MT Newswires) -- Power Nickel ( PNPNF ) on Thursday said shareholders voted to approve the spin out of it Golden Ivan property in British Columbia, as well as some Chilean exploration assets and liabilities into a new company called Chilean Metals

In addition, the company obtained a final approval order from the Supreme Court of British Columbia approving the transaction. The company expects the spin out to be complete by on Jan. 31 or shortly thereafter.

Shareholders will receive one-half of share in the new company for each Power Nickel ( PNPNF ) share held.

"We believe the Spin-Out properties have significant unrealized value that is lost in the current structure," the company said. "We believe Chilean Metals can advance our key projects in Chile and in British Columbia, and create considerable value that is not being seen as investors correctly focus on our exiting polymetallic discovery at Nisk. Secondly, we believe the Spin-Out will pose challenges to the naked short sellers that have been selling our shares and not closing their share sales by delivery of the stock."

The company's shares were last seen up $0.01 to $0.77 on the TSX Venture Exchange.

Price: 0.77, Change: +0.01, Percent Change: +1.32