Natural Resources USA clarifies terms of proposed privatization

Natural Resources USA Corp. (OTC:NTRC) reported on Thursday that it has received further legal advice on the proposed privatization of the company by its majority owner, Green SEA Resources.
The merger has been recommended to the board of directors of Green SEA by the Investment Committee, and is now awaiting board approval. Green SEA anticipates receiving approval for the merger, it said.
Under the terms of the deal, each outstanding share of Natural Resources' – other than those shares already owned by Green SEA– would be converted into the right to receive 57 cents in cash.
Natural Resources' board is not required to approve the merger and a shareholder vote is also not necessary, it said.
Still, Green SEA must file a Schedule 13E-3 under the Securities and Exchange Act and distribute it to Natural Resource shareholders prior to the merger.
The schedule will include information regarding the merger including a notice of rights to dissent under Utah law, the company added.
Natural Resources USA Corp, formerly AmerAlia, is focused in the business of identifying and developing natural resource assets.
The company owns Natural Soda Holdings, which it acquired back in 2010. It has large-scale deposits of naturally occurring sodium bicarbonate, or baking soda, in addition to water assets on its sodium leases.