on Formation Resources Inc. (CVE:FOMO)
Usha Resources and Totec Resources Secure $4.5 Million Financing
In a recent development, Usha Resources Ltd. and Totec Resources Ltd. announced the closing of a Concurrent Financing through Usha's subsidiary, 1540359 B.C. Ltd. The financing raised $4.5 million by issuing 30 million units, each priced at $0.15. Each unit includes one Subco Share and one warrant for additional shares at $0.25.
This financing was conducted in anticipation of selling 1540359 B.C. Ltd. to Totec, along with Usha's 489 mineral claims at the White Willow Property. If finalized, it will qualify as Totec's transaction under TSX Venture Exchange rules. Totec plans to consolidate shares at a 2:1 ratio.
The garnered funds will be allocated for exploration and company operations. Completion of the transaction is still subject to regulatory conditions.
R. E.
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