“Closing the Deal: CanAlaska Uranium and Core Nickel Spin-Out Plan is Complete!

CanAlaska Uranium Ltd. and Core Nickel Corp. recently announced the closing of the plan of arrangement related to the spin-out of CanAlaska’s Uranium interests from Core Nickel. The Arrangement was previously approved by shareholders of Core Nickel and has now received all required approvals including final court approval issued on February 15, 2021. Under the spin-out plan, CanAlaska Uranium Ltd. will receive all of the issued and outstanding shares of Core Nickel Corp. held by CanAlaska and will also receive all outstanding shares of CanAlaska Uranium Inc., a subsidies of CanAlaska Uranium Ltd. The introduction of CanAlaska Uranium Ltd. as a separate entity is aimed at providing increased focus and flexibility to better develop the uranium assets previously held by Core Nickel. The closing of the spin-out plan will facilitate CanAlaska Uranium Ltd. to pursue uranium projects looking to create shareholder value. The spin-out plan has allowed Core Nickel to position itself as exclusively focused on discovering and developing nickel and copper resources in the Philippines. Core Nickel’s current mineral projects include the Mabuhay and Katelakat Project in the Philippines, which are estimated to contain more than 10.2 million tons of nickel and copper ore with an average grade of 0.53% nickel and 0.13% copper. This spin-out arrangement will prove beneficial to shareholders of both CanAlaska Uranium Ltd. and Core Nickel Corp. in the long term. As part of the plan, CanAlaska has subscribed to 5.02 million of Core Nickel shares. Shareholders of CanAlaska will also be receiving reserved rights to acquire 0.45 million shares of Core Nickel at CAD$0.75 per share for a total amount of CAD$337,500. By providing increased focus to the uranium interests of CanAlaska and the nickel and copper assets of Core Nickel, investors in both entities will be presented with better opportunities in the respective industries. With the closing of the spin-out plan, CanAlaska Uranium Ltd. and Core Nickel Corp. are now set to capitalize on their respective assets and create long-term value for their shareholders.

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