Usha Resources Ltd (TSX-V:USHA) has revealed that it is pursuing a listing of its securities on the Australian Securities Exchange (ASX), which would be a fourth exchange listing for the company.
Usha said its board of directors 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.
“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 in a statement. “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.”
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“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 added. “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, Usha noted.
The ASX listing move comes on the heels of recent news announcing the upcoming share distribution record date as March 24, 2023, with respect to the plan of arrangement for the company's spin-out of Formation Metals Inc (FMI), whereby Usha shareholders of record at the close of business on that date, will receive one common share of FMI with respect to every five common shares of Usha held, with fractions rounded down to the nearest whole number.
FMI will hold the company’s interest in the Nicobat nickel‑copper‑cobalt project in Ontario, Canada, and will focus on the advancement of that project, while Usha will retain and focus on the advancement of its exploration projects in the USA.
Usha’s portfolio of strategic properties provides target-rich diversification and consists of Jackpot Lake, a lithium project in Nevada, and Lost Basin, a gold-copper project in Arizona
Based in Vancouver, British Columbia, Usha is focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential.
Contact the author at jon.hopkins@proactiveinvestors.com