Recharge Resources (RR: CSE) said today it plans to spin out its 100%-owned Pinchi Lake Nickel Project, located in central British Columbia.
Shareholders will receive one share in the spin-out for every three shares they hold in Recharge.
CEO David Greenway, said he wants the company's attention to lie with its lithium project.
"With a fully-funded drill program 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 20,000 tonne per year EkosolveTM lithium extraction operation and a fully-funded 2022 drill program 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 Pinchi project was previously explored by Nanton Nickel Corp. The projects consist of three separate claim blocks totalling 3,917.326 hectares.
