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Usha Resources Announces Intention
to List on the Australian Securities Exchange (ASX)
Vancouver, British Columbia / March 9th, 2023
-- InvestorsHub NewsWire -- 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 report it is pursuing a listing of its securities on the
Australian Securities Exchange ("ASX").
The Company's push
for a fourth exchange listing comes on the heels of recent news
announcing an upcoming share distribution record date of March 24,
2023 (the "Record Date"),
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"),
whereby USHA Shareholders of record at the close of business
on March 24, 2023 will receive one (1) common share of FMI (each a
"Formation Metals
Share") with respect to
every five (5) common shares of USHA ("USHA Share") held on the Record Date,
with fractions rounded down to the nearest whole number. For
example, upon completion of the Arrangement, for each 10,000 common
shares of USHA owned on the Share Distribution Record Date, the
USHA Shareholder will own 2,000 common shares of FMI. USHA
Shareholders must hold their USHA common shares on the Record Date
in order to receive their pro rata portion of the FMI common shares
being distributed pursuant to the Arrangement.
"We intend to tap
into the significant pool of Australian investors who have been
expressing interest in Usha and are looking for new investment
opportunities and portfolio exposure into North America's lithium
markets,' said Deepak Varshney, CEO of Usha Resources.
"Additionally, the ASX provides access to a range of specialized
mining and resource sectors that are highly sought after by
investors worldwide. We are committing to growth and expansion
beyond our home market."
The
Board of Directors (the "Board") believes that seeking a listing on
the ASX will provide greater lithium project visibility in a key
strategic resources market as the Company transitions towards
development. As a Canadian company in the process of expanding its
investor base and global accessibility, the ASX is a
well-established and highly regarded stock exchange with a strong
track record of performance and investor confidence.
"An ASX listing
will help deliver both access to a broader pool of informed capital
along with greater opportunities for Australian retail investors to
participate in the Company's advancements," Varshney continued.
"Completing a listing on ASX will be another important milestone
towards realizing the Company's transformation and maximizing
long-term shareholder value."
Investors are
cautioned that there is no assurance that listing on the Australian
Stock Exchange will conclude successfully.
About Usha Resources
Ltd.
Usha Resources Ltd.
is a North American mineral acquisition and exploration company
focused on the development of quality battery and precious metal
properties that are drill-ready with high-upside and expansion
potential. Based in Vancouver, BC, Usha's portfolio of strategic
properties provides target-rich diversification and consist of
Jackpot Lake, a lithium project in Nevada; Nicobat, a
nickel-copper-cobalt project in Ontario; and Lost Basin, a
gold-copper project in Arizona. Usha trades on the TSX Venture
Exchange under the symbol USHA, the OTCQB Exchange under the symbol
USHAF and the Frankfurt Stock Exchange under the symbol JO0.
USHA
RESOURCES LTD.
"Deepak Varshney" CEO and
Director
For more information, please call Tyler
Muir, Investor Relations, at 1-888-772-2452, email
tmuir@usharesources.com, or visit
www.usharesources.com.
Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
Forward-looking statements:
This news release
may include "forward-looking information" under applicable Canadian
securities legislation. Such forward-looking information reflects
management's current beliefs and are based on a number of estimates
and/or assumptions made by and information currently available to
the Company that, while considered reasonable, are subject to known
and unknown risks, uncertainties, and other factors that may cause
the actual results and future events to differ materially from
those expressed or implied by such forward-looking information.
Readers are cautioned that such forward-looking information are
neither promises nor guarantees and are subject to known and
unknown risks and uncertainties including, but not limited to,
general business, economic, competitive, political and social
uncertainties, uncertain and volatile equity and capital markets,
lack of available capital, actual results of exploration
activities, environmental risks, future prices of base and other
metals, operating risks, accidents, labour issues, delays in
obtaining governmental approvals and permits, and other risks in
the mining industry.
The Company is
presently an exploration stage company. Exploration is highly
speculative in nature, involves many risks, requires substantial
expenditures, and may not result in the discovery of mineral
deposits that can be mined profitably. Furthermore, the Company
currently has no reserves on any of its properties. As a result,
there can be no assurance that such forward-looking statements will
prove to be accurate, and actual results and future events could
differ materially from those anticipated in such
statements.