Usha Resources CEO Deepak Varshney joined Steve Darling from Proactive to share news the company’s Board of Director has approved a spin-out transaction to create a wholly-owned subsidiary, Formation Metals Corporation. Varshney telling Proactive this will mean the transfer of the Nicobat Nickel-Copper-Cobalt property to the news company. USHA shareholders will be issued one share of FMC with respect to every 5 shares of USHA owned. Varshney says the Nicobat Nickel Property is a nickel-copper-PGE project located in Northwest Ontario.
Usha Resources creates a spinout company called Formation Metals Corporation
