Pure Nickel (T.NIC, StockForum), a mining and exploration company engaged in properties across North America, and ITOCHU declared the dissolution of their joint venture at the MAN property today.
The five year partnership allowed Pure Nickel to carry out their activities without having to raise capital through market offerings, thus diluting shareholders.
Pure Nickel's news release stated, “Notwithstanding the progress that has been made at MAN, particularly the identification of the highly prospective Eureka Ni-Cu-PGE Zone, ITOCHU has decided to withdraw from the MAN project and focus on the strategic investment management of their global portfolio of assets.”
It went on to sum up, “Full ownership of the property will revert to Pure Nickel. This allows Pure Nickel to partner with other companies as it continues to advance the property.”
Pure Nickel made headlines recently when the company confirmed extensive Ni-Cu-Co-PGE mineralization at MAN.
Shares dropped 16.67% on the news to $0.02 per share on the news.
Currently there are 68,144,874 outstanding shares with a market cap of $1.7 million.