The TSX Venture Exchange Inc. has accepted for filing documentation in connection with an arrangement agreement dated Sept. 1, 2023, among Canalaska Uranium Ltd. and Core Nickel Corp. (Spinco), the company's wholly owned subsidiary pursuant to which the parties completed a plan of arrangement under the provisions of the Business Corporations Act (British Columbia).

The company transferred the assets to Spinco under the plan of arrangement:

• Five of the company's nickel properties;
• $1-million cash.

As consideration for the assets, Spinco issued the number of common shares of Spinco equal to 0.19987 of the number of issued and outstanding common shares in the capital of the company.

Under the plan of arrangement, the company (i) reclassified and redesignated its existing common shares as Class A shares; (ii) created a new class of common shares; and (iii) distributed to the shareholders of the company (A) one new company share and (B) 0.19987 of one Spinco share for every one Class A share held.

The exchange has been advised that approval of the plan of arrangement by the company's shareholders was received at a special meeting of shareholders held on Oct. 25, 2023, and that approval of the arrangement was received from the Supreme Court of British Columbia on Oct. 31, 2023. The plan of arrangement was completed on Nov. 10, 2023, using letters of transmittal.

No Spinco shares will be listed on the exchange on closing of the plan of arrangement

The full particulars of the plan of arrangement are set forth in the company's management information circular dated Sept. 13, 2023, and the press release dated Nov. 10, which is available under the company's profile on SEDAR+.

Substitutional listing

In accordance with the aforementioned plan of arrangement, the company's shareholders who previously held common shares (the old shares) will have their old shares redesignated as Class A shares and exchanged on a one-for-one basis for new company shares. Accordingly, the new company shares will be listed on the exchange at the market opening on Tuesday, Nov. 14, 2023.

Capitalization:  unlimited common shares with no par value of which 125,070,842 common shares are issued and outstanding

Escrowed shares:   nil

Transfer agent:  Olympia Trust Company

Trading symbol:  CVV (unchanged)

Cusip No.:  13709C100 (new)