Power Ore is the name of the spinoff company being created by Orefinders Resources to work its cobalt properties in northeastern Ontario.
By way of a court-approved plan of arrangement, Power Ore picks up Orefinders’ silver-cobalt assets, the former Mann silver-cobalt mines, and MacMurchy nickel property in the Gowganda district.
The arrangement is subject to approval by the TSX Venture Exchange. Power Ore is targeting to list on the exchange soon after receiving approval from Orefinders’ shareholders at a special meeting on May 4.
The spinoff is also out to raise $1 million in seed round financing from investors for general working capital and work program purposes. “We see this transaction as a win-win for Orefinders’ balance sheet as this is akin to a non-dilutive financing,” said Orefinders CEO Stephen Stewart in a March 26 news release.
“Additionally, all Orefinders’ shareholders who will be receiving distributed shares in Power Ore, and the new shareholders coming into Power Ore will have direct exposure to series of acquisitions in Canada’s cobalt and battery metal sector.
For the rest of this article: https://www.northernontariobusiness.com/industry-news/mining/orefinders-gets-into-the-cobalt-game-873982