Usha Resources extends $3-million private placement

Oct 15, 2021

2021-10-14 16:18 ET – News Release


Mr. Deepak Varshney reports


Usha Resources Ltd. has obtained a 30-day extension from the TSX Venture Exchange to close its previously announced non-brokered private placement financing.

The Financing consists of up to 10,000,000 units (the “Units”) at a price of $0.30 per Unit for gross proceeds of up to $3,000,000.

Each Unit will consist of one common share (a “Share”) and one-half of one transferable share purchase warrant (a “Warrant”) with each whole Warrant exercisable at $0.45 per share for a period of two (2) years from the date of closing, subject to an accelerated expiry if the closing trading price of the Company’s shares is greater than $0.75 per Share for a period of 10 consecutive trading days (the “Acceleration Event”). The Company will give notice to the holders of the Acceleration Event and the warrants will expire 30 days thereafter.

The Financing is subject to TSX Venture Exchange final approval and all securities are subject to a four month hold period. Finder’s fees may be paid in accordance with applicable securities laws. The net proceeds from the Financing will be used for exploration on the Company’s new and existing portfolio of properties and for working capital and general corporate purposes.

About Usha Resources Ltd.

Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.

We seek Safe Harbor.

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