CA - Usha Resources approve spin-out of Formation Metals
- Mineral acquisition and exploration company Usha Resources ( OTCQB:USHAF ) ( TSXV: USHA:CA ) said its shareholders have approved a proposed spin-out of the unit Formation Metals.
- The special resolution was approved at the Dec. 16 annual general and special meeting by 99.76% of the votes cast.
- According to the plan of arrangement, USHA shareholders will receive one share of Formation Metals for every five shares.
- Formation Metals will then hold the company's interest in the Nicobat Nickel Project.
- The arrangement is in accordance with the announcement made on Nov. 29.
- The remaining closing conditions will be sought in Jan. 2023.
- Source: Press Release
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Usha Resources approve spin-out of Formation Metals