Recharge said the spinout transaction may or may not be completed on the proposed terms or at all. Credit: Markus Distelrath from Pixabay.

Recharge Resources is planning to transfer its 100%-owned Pinchi Lake nickel project in Canada to a new subsidiary, which will be named NextCharge Battery Metals Corp.

As part of the plan, Recharge will offer funding to NextCharge and spin out NextCharge shares, with Recharge’s shareholders getting one share for every three shares held.

Recharge set 5 December 2022 as the effective date of the spin-out.

Commenting on the proposal, Recharge CEO David Greenway said: “With a fully-funded drill programme at Brussels Creek currently awaiting permits, as well as an off-take LOI in place for lithium supply, a technology licence for a multi-phase build-out of a 20,000tpa Ekosolve lithium extraction operation and a fully funded 2022 drill programme underway for a production diameter well at the Pocitos 1 Lithium Brine Project, we see this as the perfect opportunity to unlock value for investors by spinning out the fully qualified Pinchi Lake Nickel Project, into a separate, discovery-oriented public company.”

The transaction awaits the fulfilment of several conditions, including financial analysis, determination of final transaction details, and regulatory approval, among others.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Mining Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Located 15km to 30km north-west of Fort St. James and 120km north-west of Prince George in central British Columbia, the Pinchi Lake nickel project was explored earlier by Nanton Nickel.

Together with the Murray Ridge project, the Pinchi Lake nickel project comprises three separate claim blocks covering a total area of 3,917.326ha.