Formation Metals Inc. and Usha Resources Ltd. Complete Plan of Arrangement

Formation Metals Inc. has announced the successful completion of its plan of arrangement with Usha Resources Ltd., finalized on April 25, 2023. As part of the arrangement, Usha Resources transferred its Nicobat property in Ontario to Formation Metals. The transaction also involved a distribution of Usha Resources' shares in Formation Metals to existing Usha Resources shareholders.

The arrangement received approval from Formation Metals' shareholders on May 10, 2022, and Usha Resources' shareholders on December 16, 2022. A final order from the Supreme Court of British Columbia was granted on January 6, 2023, and the TSX Venture Exchange accepted the arrangement on April 5, 2023.

Following the completion, Formation Metals has become a reporting issuer in British Columbia and Alberta. Usha Resources retains its working capital and continues to trade on the TSX Venture Exchange as a junior exploration company. The Nicobat property pertains to exploration assets previously described in Usha Resources' filings.

Formation Metals' board of directors includes Deepak Varshney, Navin Varshney, and David Ellett. The company's officers consist of Deepak Varshney as President, CEO, and Corporate Secretary, and Khalid Naeem as CFO.