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Orefinders spinoff Power Ore debuts on TSX Venture Exchange

Orefinders Resources Inc. spinoff Power Ore Inc. began trading on the TSX Venture Exchange June 5 under the ticker PORE, according to a same-day release.

The company will have C$1 million in cash, 29,973,333 shares and full ownership of the Mann cobalt-silver mine and MacMurchy nickel property in Ontario.

Power Ore seeks to create a large base of cobalt and nickel advanced stage assets within Canada.

"We will then implement an active acquisition to complete a series of cobalt and nickel acquisitions that will make us a relevant player in the battery metals space in Canada," Power Ore CEO Stephen Stewart said.

Orefinders signed the definitive plan of arrangement to spin off its cobalt and battery metals assets into Power Ore in April. The plan secured shareholder approval in May.