TORONTO, Nov. 23,
2023 /CNW/ - Power Nickel Inc. (TSXV: PNPN) (OTCQB:
PNPNF) (Frankfurt: IVV) ("Power Nickel" or the
"Company") Terry Lynch, CEO
of Power Nickel and founder of Save Canadian Mining, and its
advisors have prepared and will file in the coming days an official
complaint detailing significant and persistent position imbalances
for Power Nickel's 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.
"The takeaway is that it is not remotely normal for our stock
market to be so severely depressed. Indeed, it is clear there is
something fundamentally wrong with the price action on the TSXV and
indeed all Canadian exchanges. In my volunteer unpaid role as
founder of Save Canadian Mining we have tried to bring this problem
to the attention of Canadian politicians and regulators. However,
this lobbying effort had no discernible benefit. Nothing was
accomplished," commented Power Nickel CEO Terry Lynch
Shortly Power Nickel will file a formal complaint which should
cause CIRO and FINRA to investigate the investment banks we have
found who have persistently and consistently maintained significant
imbalances of more than 100,000 shares for a minimum period of 8
weeks. This imbalance started collectively around 3,000,000 shares
and now stands at over 9,000,000 shares on the 80% of the float of
Power Nickels stock that it can obtain information.
With our permission, CDS, DTC, Broadridge, our transfer agent
and more, 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 million excess
shares of Power Nickel were traded beyond what was likely
delivered. According to the top attorney in the space, Wes Christian, 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.
To learn more about this issue join Power Nickel CEO and Save
Canadian Mining Founder Terry Lynch,
Mining Industry Legend Eric Sprott, Leading Illegal Short Selling
Litigator Wes Christian and Share Intel CEO David Wenger at our Black Friday Nov 24 Emergency Short Selling Session
hosted at Link below.
https://events.6ix.com/preview/defend-your-investments-black-friday-short-selling-emergency-session
For further information on Power Nickel Inc., please
contact:
Mr. Terry Lynch,
CEO
647-448-8044
terry@powernickel.com
For further information, readers are encouraged to
contact:
Power Nickel Inc.
The Canadian Venture
Building
82 Richmond St East, Suite
202
Toronto,
ON
Neither the TSX Venture Exchange nor it's 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.