CanAlaska Resources said Tuesday that its shareholders have approved the company's plan to spin off five of its nickel assets into a new subsidiary, Core Nickel. The decision will allow Core Nickel to focus on developing its nickel assets, while CanAlaska will focus on developing its uranium assets.
President and CEO Cory Belyk said in a statement that this new subsidiary will assume responsibility for developing and managing these nickel assets. He emphasised that the Thompson Nickel Belt in Manitoba is an unexplored Class 1 nickel jurisdiction with great potential for significant new discoveries.
Belyk added: "This spin-off is an important milestone in the evolution of our company and will allow us to operate our business in a more professional and efficient manner. We look forward to seeing Core Nickel realise its potential to drive growth in our nickel business in the future."
CanAlaska Resources is a resource company operating in Canada and the U.S. that specialises in the exploration and development of uranium and nickel. The company has some very valuable mineral resources in the Thompson Belt in Northern Ontario and Manitoba, Canada.
Regarding the spin-off, Belyk explains, "By spinning off our nickel assets into Core Nickel, our shareholders will be able to better evaluate and monitor the performance of these assets. In addition, it will allow our uranium business to remain focused on its core assets."
Despite the uncertainty experienced in many markets, CanAlaska's shareholders are supportive of this strategic move. They believe that by better managing their respective businesses, both companies can achieve more efficient and profitable growth.
Both CanAlaska and Core Nickel are now actively pursuing their respective business plans, with CanAlaska continuing to evaluate and develop its uranium assets and Core Nickel commencing exploration work in the Thompson Belt to further validate the potential of its nickel resources.
[source - CKN].
