07:18 AM EST, 01/31/2025 (MT Newswires) -- Power Nickel ( PNPNF ) said Friday that the spinout of its Golden Ivan property and certain Chilean assets to Chilean Metals is expected to become effective Feb. 3.

Under the terms, Power Nickel ( PNPNF ) shareholders will receive one new share of Power Nickel ( PNPNF ) and 0.05 of one Chilean Metals share for each Power Nickel ( PNPNF ) share held.

Once the arrangement becomes effective, the new Power Nickel ( PNPNF ) shares will continue trading on the TSXV in Canada, on the OTC Market in the U.S., and on the Frankfurt Stock Exchange in Germany.

Chilean Metals' shares will not be listed on any stock exchange after closing but the spinout company will be a reporting issuer in British Columbia and Alberta.

Power Nickel's ( PNPNF ) share price soared 19% on Thursday to $1.49 on the TSXV.