Business
Usha Resources Provides Reminder of the April 12, 2023 Share Distribution Record Date for the Spin-Out of Formation Metals Inc.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Provides Reminder of the April 12, 2023 Share Distribution Record Date for the Spin-Out of Formation Metals Inc.NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREINVANCOUVER, BC / ACCESSWIRE / March 30, 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, would like to remind shareholders of the upcoming share distribution record date (the \"Record Date\") of April 12, 2023, 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\").Under the terms of the Arrangement and upon completion of the share exchange prescribed by Article 3 of the Arrangement, the USHA Shareholders of record at the close of business on the Record Date 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 common shares will be exchanged for new USHA common shares on a one-to-one basis. USHA Shareholders will continue to own the same number of USHA common shares as they did on the Record Date. Formation Metals Shares will be issued to the USHA Shareholders on or around April 17, 2023 (the \"Payment Date\").The Arrangement is expected to become effective on the Record Date.USHA Shareholders must hold their USHA common shares on the Record Date in order to receive their pro rata portion of the Formation Metals Shares being distributed pursuant to the Arrangement.By way of this news release, the Company is also providing notice to its warrant holders and option holders with respect to the Record Date. To receive Formation Metals Shares pursuant to the Arrangement, a person must be a holder of USHA Shares as of the Record Date. If an option holder or a warrant holde...