- Recharge Resources ( OTCPK:RECHF ) said Thursday it plans to transfer its Pinchi Lake Nickel Project in central British Columbia to a new unit (NextCharge) and spin out the shares of the unit to its shareholders of record on a 1 for 3 basis.
- After closing, Recharge ( OTCPK:RECHF ) shareholders will own shares in both the company and the spun off unit.
- Shares of NextCharge will be subject to resale restrictions, with 25% of the shares released from restrictions at the time of the spin-off completion and a further 25% released every four months thereafter.
- Recharge ( OTCPK:RECHF ) is targeting Dec. 5 as the effective date of the proposed spin-off.
- The name NextCharge Battery Metals has been reserved for the unit.
- There is no certainty that the spin-off will be completed on the terms proposed or at all.
For further details see:
Recharge Resources plans to spin off Pinchi Lake Nickel Project to create new firm