TORONTO, Dec. 12,
2023 /CNW/ - Power Nickel Inc. (TSXV: PNPN)
(OTCQB: PNPNF) (Frankfurt: IVV) ("Power Nickel" or the
"Company") announces that together with its advisors the
Company has filed an official complaint detailing significant and
persistent position imbalances for its stock. This troubling
imbalance is defined as a broker having an insufficient number of
shares in its depository account compared to the number of
beneficially owned shares for its customers. This can indicate
potential naked short selling and other manipulative actions
designed to artificially drive down share prices. Power Nickel is
bringing this to the attention of all Canadian investors to make
them aware of the non-market factors that have led to the terrible
performance of the TSXV despite this being on the whole a robust
commodity market.
TSXV INDEX PERFORMANCE SINCE
INCEPTION
"As Founder of Save Canadian Mining, we have been at the
forefront of trying to bring industry and investor attention to
this problem and to create evidence to compel Regulators,
Exchanges, Securities Commissions, and Government to act to prevent
the continued destruction of the Canadian capital markets which for
a very long time made us the center of the mining world," stated
Power Nickel CEO Terry Lynch. "We
have now delivered the complaint and evidence to the regulators; we
also are providing it to our industry association, PDAC, as there
is widespread unhappiness from many mining companies who are
experiencing the same issues Power Nickel has faced. We are the
first to deliver the evidence, but we certainly won't be the last.
Recent legal rulings now make banks responsible for providing
oversight on their clients who are doing computerized algorithmic
trading and engaging in illegal activity, such as spoofing or naked
short selling. Should they be found to fail to provide their
oversight, they could potentially be liable for the damages
created. Our industry is waking up! Solving this problem could
unlock the biggest mining boom of our lifetime. It boggles the mind
to believe that these forces will continue to short these capital
markets when liability is now a big issue and evidence is growing.
Far better we think that the regulators choose to fix the problem
and restore order and faith in this market," added Mr.
Lynch.
The evidence provided to the regulators by Power Nickel shows a
negative imbalance that started collectively around 3,000,000
shares and now stands at well over 9,000,000 shares on the 80% of
the float of Power Nickel's stock that information can be obtained
on.
With Power Nickel's permission, CDS, DTC, Broadridge, the
Company's transfer agent, and others provided Power Nickel data to
ShareIntel-Shareholder Intelligence Services, LLC, who through
their patented DRIL-DownTM process gathers
actionable intelligence on behalf of publicly traded companies who
engage their services, in an effort to uncover suspicious stock
trading activity. Over the last 16 weeks alone, more than 9,000,000
excess shares of Power Nickel were traded beyond what was likely
delivered. According to Wes
Christian, the top attorney in this area of expertise, the
remaining approximately 20% of the float not captured can
historically contain even larger imbalances. This persistent gap is
costing investors and sabotaging Canada's critical minerals sector.
About Power Nickel Inc.
Power Nickel is a Canadian junior exploration company focusing
on high-potential copper, gold and battery metal prospects in
Canada and Chile.
On February 1, 2021, Power Nickel
(then called Chilean Metals) completed the acquisition of its
option to acquire up to 80% of the Nisk Project from Critical
Elements Lithium Corp. (TSXV: CRE)
The NISK property comprises a large land position (20 kilometres
of strike length) with numerous high-grade intercepts. Power
Nickel, formerly Chilean Metals is focused on confirming and
expanding its current high-grade nickel-copper PGE mineralization
historical resource by preparing a new Mineral Resource Estimate in
accordance with NI 43-101, identifying additional high-grade
mineralization, and developing a process to potentially produce
nickel sulphates responsibly for batteries to be used in the
electric vehicles industry.
Power Nickel (then called Chilean Metals) announced on
June 8th, 2021, that an
agreement has been made to complete the 100% acquisition of its
Golden Ivan project in the heart of
the Golden Triangle. The Golden Triangle has reported mineral
resources (past production and current resources) in total of 67
million ounces of gold, 569 million ounces of silver and 27 billion
pounds of copper. This property hosts two known mineral showings
(gold ore and magee), and a portion of the past-producing Silverado
mine, which was reportedly exploited between 1921 and 1939. These
mineral showings are described to be Polymetallic veins that
contain quantities of silver, lead, zinc, plus/minus gold, and
plus/minus copper.
Power Nickel is 100-per-cent owner of five properties comprising
over 50,000 acres strategically located in the prolific
iron-oxide-copper-gold belt of northern Chile. It also owns a 3-per-cent NSR royalty
interest on any future production from the Copaquire
copper-molybdenum deposit, recently sold to a subsidiary of Teck
resources Inc. Under the terms of the sale agreement, Teck has the
right to acquire one-third of the 3-per-cent NSR for $3 million at any time. The Copaquire property
borders Teck's producing Quebrada Blanca copper mine in
Chile's first region.
Neither the TSX Venture Exchange nor its Regulation Services
Provider accepts responsibility for the adequacy or accuracy of
this release.
Cautionary Note Regarding
Forward-Looking Statements
This message contains certain statements that may be deemed
"forward-looking statements" concerning the Company within the
meaning of applicable securities laws. Forward-looking statements
are statements that are not historical facts and are generally, but
not always, identified by the words "expects," "plans,"
"anticipates," "believes," "intends," "estimates," "projects,"
"potential," "indicates," "opportunity," "possible" and similar
expressions, or that events or conditions "will," "would," "may,"
"could" or "should" occur. Although the Company believes the
expectations expressed in such forward-looking statements are based
on reasonable assumptions, such statements are not guarantees of
future performance, are subject to risks and uncertainties, and
actual results or realities may differ materially from those in the
forward-looking statements. Such material risks and uncertainties
include, but are not limited to, among others, the timing for the
Company to complete its NI 43-101 report on Nisk; the ability to
raise sufficient capital to fund its obligations under its property
agreements and conduct desired exploration going forward; trading
patterns in the Company's shares and their impacts on the Company
and the market for its common shares; the ability to maintain its
mineral tenures and concessions in good standing; to explore and
develop its projects; changes in economic conditions or financial
markets; the inherent hazards associates with mineral exploration
and mining operations; future prices of nickel and other metals;
changes in general economic conditions; accuracy of mineral
resource and reserve estimates; the potential for new discoveries;
the ability of the Company to obtain the necessary permits and
consents required to explore, drill and develop the projects and if
accepted, to obtain such licenses and approvals in a timely fashion
relative to the Company's plans and business objectives for the
applicable project; the general ability of the Company to monetize
its mineral resources; and changes in environmental and other laws
or regulations that could have an impact on the Company's
operations, compliance with environmental laws and regulations,
dependence on key management personnel and general competition in
the mining industry.
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SOURCE Power Nickel Inc.