{kanada_flagge}Shareholders of lithium explorer Usha Resources Ltd (TSXV: USHA; OTCQB: USHAF; FRA: JO0) can look forward to a 20 percent stock dividend in a spin-out transfer of the company’s Nicobat nickel project to subsidiary Formation Metals. The Company announced today that the Supreme Court of British Columbia has approved final approval for the previously announced spin-out of the Company’s wholly-owned subsidiary, Formation Metals Inc. through a Plan of Arrangement.
{kanada_flagge}Shareholders of lithium explorer Usha Resources Ltd (TSXV: USHA; OTCQB: USHAF; FRA: JO0) can look forward to a 20 percent stock dividend in a spin-out transfer of the company’s Nicobat nickel project to subsidiary Formation Metals. The Company announced today that the Supreme Court of British Columbia has approved final approval for the previously announced spin-out of the Company’s wholly-owned subsidiary, Formation Metals Inc. through a Plan of Arrangement.
Upon completion of the Arrangement and the exchange of shares pursuant to the Arrangement, each USHA shareholder will receive one (1) FMI common share for every five (5) USHA common shares held by such shareholder on the record date. For example, for every 10,000 shares of USHA common stock, there will be an additional 2,000 shares of FMI common stock on the record date. The record date is yet to be announced.
FMI will then hold the Company’s interest in the Nicobat Nickel Project and focus on advancing that project while USHA continues its exploration projects in the U.S., including the Jackpot Lake Lithium Brine Project where the Company has commenced its drilling program (https://bit.ly/3k4Jwtf).
Drilling resumes at Jackpot Lake lithium brine project
Drilling at Jackpot Lake, which was suspended during the turn of the year, is expected to resume shortly. The first hole, JP-1, was stopped in December at a depth of 440 meters. Drilling is now expected to continue to a target depth of approximately 600 meters before moving to the next drill site. The Company intends to release further updates in January and February 2023 as its exploration program progresses.
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