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Usha Resources Receives Interim Order Regarding the Calling of an Annual General and Special Meeting to Approve the Proposed Plan of Arrangement
VANCOUVER, BC / ACCESSWIRE / November 17, 2022 / Usha Resources Ltd. ("USHA" or the "Co...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Receives Interim Order Regarding the Calling of an Annual General and Special Meeting to Approve the Proposed Plan of ArrangementVANCOUVER, BC / ACCESSWIRE / November 17, 2022 / 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 announce that is has obtained an Interim Order from the Supreme Court of British Columbia authorizing the holding of its special meeting (the \"Meeting\") and matters relating to the conduct of the Meeting for the proposed plan of Arrangement (\"Arrangement\") between USHA and Formation Metals Inc. (\"Formation Metals\" or \"FMI\"), a wholly-owned subsidiary of USHA.The Interim Order, granted on November 14, 2022, along with full details of the Arrangement, has been included in the Notice of Meeting and Management Information Circular that will be mailed to the shareholders of the Company at least 21 days before December 16, 2022, the date of the Meeting.At the Meeting, among other matters, shareholders will be asked to consider and approve the Arrangement whereby, if approved, the Arrangement will result in the USHA shareholders receiving one (1) share of FMI with respect to every five (5) shares of USHA owned on the share distribution record date (the \"Share Distribution Record Date\"), which will be predetermined by USHA's Board of Directors and announced by a news release in advance, subject to TSX Venture Exchange approval. Holders of USHA options and warrants, who exercise their options and/or warrants before the Share Distribution Record Date, will also be entitled to receive one (1) share of FMI with respect to every five (5) shares of USHA.Upon completion of the Arrangement, USHA shareholders will ultimately own shares in two public companies:USHA, which will be focused on its US-based assets, including the Jackpot Lake lithium brine project; andFormation Metals, which will be focused on nickel at the Nicobat project in Ontario.Completion of the Arrangement is subject to a number of conditions, including the following conditions which must be met:the approval by the shareholders of USHA at a special general meeting;the approval of the Supreme Court of British Columbia; andthe acceptance of the ...