TORONTO, Dec. 12, 2023 /PRNewswire/ - Power Nickel Inc. (TSXV: PNPN) (OTCQB: PNPNF) (Frankfurt: IVV) ("Power Nickel" or the "Company") announces that together with its advisors the Company has filed an official complaint detailing significant and persistent position imbalances for its 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.
TSXV INDEX PERFORMANCE SINCE INCEPTION
"As Founder of Save Canadian Mining, we have been at the forefront of trying to bring industry and investor attention to this problem and to create evidence to compel Regulators, Exchanges, Securities Commissions, and Government to act to prevent the continued destruction of the Canadian capital markets which for a very long time made us the center of the mining world," stated Power Nickel CEO Terry Lynch. "We have now delivered the complaint and evidence to the regulators; we also are providing it to our industry association, PDAC, as there is widespread unhappiness from many mining companies who are experiencing the same issues Power Nickel has faced. We are the first to deliver the evidence, but we certainly won't be the last. Recent legal rulings now make banks responsible for providing oversight on their clients who are doing computerized algorithmic trading and engaging in illegal activity, such as spoofing or naked short selling. Should they be found to fail to provide their oversight, they could potentially be liable for the damages created. Our industry is waking up! Solving this problem could unlock the biggest mining boom of our lifetime. It boggles the mind to believe that these forces will continue to short these capital markets when liability is now a big issue and evidence is growing. Far better we think that the regulators choose to fix the problem and restore order and faith in this market," added Mr. Lynch.
The evidence provided to the regulators by Power Nickel shows a negative imbalance that started collectively around 3,000,000 shares and now stands at well over 9,000,000 shares on the 80% of the float of Power Nickel's stock that information can be obtained on.
With Power Nickel's permission, CDS, DTC, Broadridge, the Company's transfer agent, and others 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 9,000,000 excess shares of Power Nickel were traded beyond what was likely delivered. According to Wes Christian, the top attorney in this area of expertise, 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.