Usha Resources closes Qualifying Transaction with Totec Resources for White Willow project
Usha Resources Ltd. (TSXV: USHA / OTCQB: USHAF / FSE: JO0) announces the closing of the Qualifying Transaction (QT) with Totec Resources, under which Totec acquired the White Willow main block (489 mineral claims, ~10,220 hectares in the Thunder Bay Mining Division of Ontario). Usha retains an approximate 15% equity position in the resulting issuer.
Transaction summary
- Totec Resources acquired the White Willow main block (489 claims, ~10,220 ha).
- Consideration received by Usha includes cash and approximately 5,500,000 shares of the resulting issuer (post-2:1 consolidation).
- Usha holds approximately 15% of the resulting issuer.
Portfolio impact
Following the QT closing, Usha's retained Ontario portfolio comprises the Nym Lake, Bingo East, and Bingo West properties. The transaction allows Usha to focus operating capital on the Southern Arm copper-gold-zinc-silver VMS option in Quebec and the Jackpot Lake lithium-brine project in Nevada, while maintaining indirect equity exposure to the White Willow asset via the Totec shareholding.
Counterparty Relationship
The transaction was conducted at arm's length within the meaning of applicable TSX Venture Exchange policies and Canadian securities legislation.
Forward-Looking Information
This release contains forward-looking information within the meaning of applicable Canadian securities legislation, including statements regarding the corporate impact of the transaction. Forward-looking information speaks only as of the date hereof and the Company disclaims any obligation to update it except as required by law.