Manitou gold announces intent to spin out nickel-cobalt-pge commodities

Toronto, aug. 17, 2022 (globe newswire) -- manitou gold inc. (tsx-v: mtu) (the “company” or “manitou”) is pleased to announce that its board of directors has approved, in principle, a strategic reorganization of manitou's assets (the “spin-out”) pursuant to which manitou proposes to spin out the nickel-cobalt-pge commodities from its goudreau project into a newly incorporated, wholly-owned subsidiary named western nickel corp. (“western nickel”). the spin-out, if completed as presently proposed, would result in, among other things, a listing of the common shares of western nickel (the “western nickel shares”) on a canadian stock exchange and a portion of the issued and outstanding western nickel shares being distributed directly to the shareholders of manitou on a pro rata basis. the completion of the spin-out will allow manitou to continue as a gold-focused exploration company.
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