Usha Resources Announces Change of the Share Distribution Record Date for the Spin-Out of Formation Metals Inc.

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN

VANCOUVER, BC / ACCESSWIRE / March 15, 2023 / Usha Resources Ltd. ("USHA" or the "Company") (TSXV:USHA)(OTCQB:USHAF)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, announces that, further to its news release dated March 2, 2023, the Company has changed its share distribution record date (the "Record Date") from March 24, 2023 to April 12, 2023, with respect to the plan of arrangement (the "Arrangement") among the Company, Formation Metals Inc. ("Formation Metals" or "FMI") and the shareholders of the Company (the "USHA Shareholders").

Under the terms of the Arrangement and upon completion of the share exchange prescribed by Article 3 of the Arrangement, the USHA Shareholders of record at the close of business on the Record Date will receive one (1) common share of FMI (each a "Formation Metals Share") with respect to every five (5) common shares of USHA ("USHA Share") held on the Record Date, with fractions rounded down to the nearest whole number. For example, upon completion of the Arrangement, for each 10,000 common shares of USHA owned on the Share Distribution Record Date, the USHA Shareholder will own 2,000 common shares of FMI. USHA common shares will be exchanged for new USHA common shares on a one-to-one basis. USHA Shareholders will continue to own the same number of USHA common shares as they did on the Record Date. The Formation Metals Shares will be issued to the USHA Shareholders on or around April 17, 2023 (the "Payment Date").

The Arrangement is expected to become effective on the Record Date.

USHA Shareholders must hold their USHA common shares on the Record Date in order to receive their pro rata portion of the Formation Metals Shares being distributed pursuant to the Arrangement. By way of this news release, the Company is also providing notice to its warrant holders and option holders with respect to the Record Date. To receive Formation Metals Shares pursuant to the Arrangement, a person must be a holder of USHA Shares as of the Record Date. If an option holder or a warrant holder does not exercise his or her warrants or options on or before the Record Date, he or she will not receive Formation Metals Shares and there will be no changes with respect to the number, terms and conditions of the issued warrants and options of the Company.