- Usha (USHA) shareholders have approved the spin-out of subsidiary Formation Metals
- Formation will hold the company’s interest in the Nicobat Nickel Project in Ontario
- Each Usha shareholder will receive one Formation common share for every five Usha common shares held
- Usha intends to oversee closing conditions in January 2023
- Vancouver-based Usha Resources is a mineral acquisition and exploration company focused on battery and precious metal properties
- Usha (USHA) is unchanged, trading at $0.25 per share
Usha (USHA) shareholders have approved the spin-out of subsidiary Formation Metals.
Approval was supported by 99.76 per cent of votes cast.
Each Usha shareholder will receive one Formation common share for every five Usha common shares held on the share distribution record date, which will be communicated upon the meeting of closing conditions.
Completion of closing conditions, including final approval by the Supreme Court of British Columbia and the TSXV, will be undertaken in January 2023.
Formation will hold the company’s interest in the Nicobat Nickel Project in Ontario. At the same time, Usha will retain exploration projects in the U.S., including the Jackpot Lake Lithium Brine Project in Nevada.
The drill at Jackpot Lake is now at the 440 m level, with the team having encountered multiple zones of evaporite crystals as interbeds, veining and inclusions within lacustrine sediments comprised of silty-to-sandy clays, clay sands and loams.
The team has also identified halite, further supporting the presence of a brine environment at depth.
Vancouver-based Usha Resources is a mineral acquisition and exploration company focused on battery and precious metal properties. It holds interests in Ontario, Nevada and Arizona.
Usha (USHA) is unchanged, trading at $0.25 per share as of 2:54 pm ET.