Business
Usha Resources Announces Intention to List on the Australian Securities Exchange (ASX)
VANCOUVER, BC / ACCESSWIRE / March 9, 2023 / Usha Resources Ltd. ("USHA" or the "Company") ...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Announces Intention to List on the Australian Securities Exchange (ASX)VANCOUVER, BC / ACCESSWIRE / March 9, 2023 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to report it is pursuing a listing of its securities on the Australian Securities Exchange (\"ASX\").The Company's push for a fourth exchange listing comes on the heels of recent news announcing an upcoming share distribution record date of March 24, 2023 (the \"Record Date\"), with respect to the plan of arrangement (the \"Arrangement\") among the Company, Formation Metals Inc. (\"Formation Metals\" or \"FMI\") and the shareholders of the Company (the \"USHA Shareholders\"), whereby USHA Shareholders of record at the close of business on March 24, 2023 will receive one (1) common share of FMI (each a \"Formation Metals Share\") with respect to every five (5) common shares of USHA (\"USHA Share\") held on the Record Date, with fractions rounded down to the nearest whole number. For example, upon completion of the Arrangement, for each 10,000 common shares of USHA owned on the Share Distribution Record Date, the USHA Shareholder will own 2,000 common shares of FMI. USHA Shareholders must hold their USHA common shares on the Record Date in order to receive their pro rata portion of the FMI common shares being distributed pursuant to the Arrangement.\"We intend to tap into the significant pool of Australian investors who have been expressing interest in Usha and are looking for new investment opportunities and portfolio exposure into North America's lithium markets,' said Deepak Varshney, CEO of Usha Resources. \"Additionally, the ASX provides access to a range of specialized mining and resource sectors that are highly sought after by investors worldwide. We are committing to growth and expansion beyond our home market.\"The Board of Directors (the \"Board\") believes that seeking a listing on the ASX will provide greater lithium project visibility in a key strategic resources market as the Company transitions towards development. As a Canadian company in the process of expanding its investor base and global accessibility, the ASX is a well-established and highly regarded...