Power Nickel to File Complaint on Widespread Potential Illegal Short Selling of its Shares

Rhea-AI Summary

Power Nickel Inc. (PNPN) is filing an official complaint due to significant and persistent position imbalances for its stock, indicating potential naked short selling and manipulative actions. The CEO, Terry Lynch, highlights the severe depression of the TSXV and Canadian exchanges, with over 9 million excess shares of Power Nickel being traded beyond what was likely delivered. The company aims to bring attention to non-market factors affecting its stock performance.

TORONTO, Nov. 23, 2023 /PRNewswire/ - 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-Down^TM 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.

FAQ

What is Power Nickel Inc.'s (PNPN) official complaint about?

The official complaint details significant and persistent position imbalances for Power Nickel's stock, indicating potential naked short selling and manipulative actions.

Who is the CEO of Power Nickel Inc. (PNPN)?

Terry Lynch is the CEO of Power Nickel Inc. (PNPN) and founder of Save Canadian Mining.

What is the impact of the stock imbalance on Power Nickel Inc. (PNPN)?

The imbalance has led to over 9 million excess shares of Power Nickel being traded beyond what was likely delivered, costing investors and sabotaging Canada's critical minerals sector.

What is the purpose of Power Nickel Inc.'s (PNPN) complaint?

The company aims to bring attention to non-market factors affecting its stock performance and to prompt investigation by CIRO and FINRA.

What is the role of ShareIntel-Shareholder Intelligence Services, LLC in this situation?

ShareIntel-Shareholder Intelligence Services, LLC gathers actionable intelligence on behalf of publicly traded companies, uncovering suspicious stock trading activity for Power Nickel Inc. (PNPN).