The Board of Directors of CanAlaska Uranium Ltd. agreed to Spin-Off Halfway Lake, Resting Lake, Hunter, Odei River and Mel nickel deposit lease and claims on June 12, 2023. CanAlaska Uranium Ltd. entered into arrangement agreement to Spin-Off Halfway Lake, Resting Lake, Hunter, Odei River and Mel nickel deposit lease and claims on September 1, 2023. These nickel properties will be transferred to Core Nickel Corp., in consideration for common shares of Core Nickel.

The Core Nickel shares would then be distributed to CanAlaska?s shareholders pro rata their interest in CanAlaska resulting in CanAlaska?s shareholders owning shares in two public companies upon completion of the Arrangement. Under the Arrangement, the Company's current shareholders will receive 0.19987 of a Core Nickel share. The transaction is subject to the assessment of legal and tax consequences, Core Nickel satisfying stock exchange listing requirements, receipt of shareholder approval, receipt of all regulatory and other required approvals, the availability of financing for Core Nickel and market conditions.

As of September 5, 2023, board of directors of CanAlaska has unanimously approved the transaction. On October 26, 2023, CanAlaska shareholders has approved the transaction. The Arrangement is expected to close in November, 2023.

The court has approved the transaction on October 31, 2023.