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Usha Resources Provides Reminder of the April 21, 2023 Ex-Distribution Date and Due Bills Trading 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 21, 2023 Ex-Distribution Date and Due Bills Trading 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 / April 17, 2023 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0) would like to remind shareholders of the upcoming ex‑distribution date of April 21, 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\").As per its news release dated April 5, 2023, the common shares of USHA (\"USHA Share\") are now trading with \"due bills\" attached during the \"Due Bill Period\".The \"Due Bill Period\" is from April 11, 2023 to April 20, 2023, inclusively. Trades that are executed during the \"Due Bill Period\" will be identified to ensure purchasers of the Company shares receive the distribution. USHA Shareholders must hold their USHA common shares (\"USHA Share(s)\") through the end of the \"Due Bill Period\" to receive their pro rata portion of the Formation Metals Shares (each a \"Formation Metals Share\") being distributed pursuant to the Arrangement.Under the terms of the Arrangement, as consideration for the transfer of the Nicobat Property, Company's shareholders will receive one (1) common share of FMI with respect to every five (5) USHA shares held at the end of the \"Due Bill Period\". For example, for each 10,000 common shares of USHA owned through the conclusion of the \"Due Bill Period\", the USHA Shareholder will own 2,000 common shares of FMI.In accordance with the Arrangement, Company shareholders who previously held one common share of Usha (the \"Old Usha Shares\") will be issued one new common share of Usha (\"New Usha Shares\") on a one for one basis. In conjunction with the closing of the Arrangement, the Old Usha Shares will be delisted from the Exchange. Accordingly, effective at the close of business on Monday, April 24, 2023, the Old Usha Shares will be delisted. The New Usha Shares will be listed on the Exchange at the market opening on Tuesday, April 25, 2023.The number of USHA shares held by each sharehold...