Usha Resources still working on private placement

Nov 3, 2020

2020-11-02 16:06 ET – News Release

Mr. Deepak Varshney reports

USHA RESOURCES PROVIDES UPDATE ON PRIVATE PLACEMENT

Further to its news releases of Sept. 17, 2020, and Oct. 16, 2020, Usha Resources Ltd. is proceeding with its non-brokered private placement and expects to close the second and final tranche in the immediate future. The private placement consists of units and flow-through units.

Each unit is issuable at 20 cents per unit and consists of one common share of the company and one-half of one transferable common share purchase warrant. Each warrant entitles the holder to acquire an additional share for a period of two years at an exercise price of 30 cents per share, provided that, in the event that the closing price of the company’s shares on the TSX Venture Exchange (or such other exchange on which the company’s shares may become traded) is 75 cents or greater per share during any 30-consecutive-trading-day period at any time subsequent to four months and one day after the closing date, the warrants will expire at 4 p.m. Vancouver time on the 30th day after the date on which the company provides notice of such accelerated expiry to the holders of the warrants.

Each flow-through unit is issuable at 25 cents per flow-through unit and consists of one flow-through common share in the capital of the company and one-half of one transferable warrant, with each whole warrant exercisable at 35 cents per share for a period of two years subject to the accelerated expiry provisions.

All securities issued in the private placement will be subject to a four-month-and-one-day hold period plus the TSX-V hold period. The net proceeds from the private placement will be used for exploration at Usha’s Lost Basin and Nicobat projects and for working capital and general corporate purposes. Closing of the private placement is subject to the approval of the TSX-V.

About Usha Resources Ltd.

Usha Resources is a Canadian mineral acquisition and exploration company based in Vancouver, B.C., Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwestern Ontario, Canada, and the Lost Basin gold mining district in Mohave county, Arizona, United States.

We seek Safe Harbor.

https://www.usharesources.com/