Usha Resources Closes Final Tranche of Oversubscribed Non-Brokered Private Placement Totalling $2,895,401

Usha Resources Closes Final Tranche of Oversubscribed Non-Brokered Private Placement Totalling $2,895,401

Usha Resources Ltd. ("USHA" or the "Company") (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0) is pleased to report that, further to its previous news releases (see news releases dated April 4, 2022 May 16, 2022 and May 18, 2022 ) and subject to the approval of the TSX Venture Exchange (the " Exchange "), it has closed its final tranche of its non-brokered private placement (the " Private Placement ") issuing an additional 4,512,007 units (each a " Unit ") at a price of $0.30 per Unit for total gross proceeds of $1,353,602 . In total, USHA has raised gross proceeds of $2,895,401 in all four tranches.

Deepak Varshney , CEO of Usha Resources stated: "Given the current market conditions, completion of this oversubscribed placement speaks to the strong demand and growing confidence in our team, our Lithium, Gold-Copper and Nickel projects and future vision for where we intend to take this Company. We are very pleased to welcome many new subscribers in this financing, including our latest institutional investor, and thank our existing shareholders who participated for their on-going support. With a well-funded treasury, USHA is positioned to execute at each of our projects and we look forward to a busy and productive field season."

Each Unit issued consists of one common share (a " Share ") in the capital of the Company and one-half of one transferable Share purchase warrant (each whole warrant, a " Warrant ") with each whole Warrant exercisable at $0.45 per Share for a period of 2 years from the date of closing (the " Expiry Date ").

In connection with the final tranche of the Private Placement, the Company paid finders' fees of $7,920 cash and 26,400 non-transferable finder warrants (the " Finder Warrants ") to PI Financial Corp., $1,800 cash and 6,000 Finder's Warrants to Leede Jones Gable Inc., and $4,208.02 cash and 14,027 Finder's Warrants to Research Capital Corporation. The Finder's Warrants are exercisable on the same terms as the Warrants issued in the Private Placement and were issued in accordance with applicable securities laws and Exchange Policy.

All securities issued in the fourth tranche of the Private Placement are subject to the Exchange hold period, plus a hold period of four months and one day following the closing dates of the Private Placement expiring on October 15, 2022 .

The proceeds raised under the Private Placement will be used for working capital and general corporate purposes including:

  • Aggressive exploration at the Jackpot Lake Lithium Brine project, where the Company intends on completing its maiden drilling program with the goal of completing a 43-101 resource estimate by Q4 of 2022 ( https://bit.ly/3tD9ndz );
  • Exploration at the Lost Basin Gold-Copper project, where the Company intends on completing its maiden drilling program following more than a year of target development and generation ( https://bit.ly/39mFN59 ); and
  • Subject to a number of conditions, completion of the spinout of its Nicobat Nickel Project into its wholly-owned subsidiary, Formation Metals Corporation ("FMC"), giving shareholders a "20% share dividend" of one (1) share of FMC with respect to every five (5) shares of USHA owned on the share distribution record date ( https://bit.ly/3b3cRjd ).
About Usha Resources Ltd.

Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential. Based in Vancouver, BC , Usha's portfolio of strategic properties provides target-rich diversification and consist of Jackpot Lake, a lithium project in Nevada ; Nicobat, a nickel‑copper‑cobalt project in Ontario ; and Lost Basin, a gold-copper project in Arizona . Usha trades on the TSX Venture Exchange under the symbol USHA, the OTCQB Exchange under the symbol USHAF and the Frankfurt Stock Exchange under the symbol JO0.

"Deepak Varshney" CEO and Director

For further information: please call Tyler Muir , Investor Relations, at 1-888-772-2452, email tmuir@usharesources.com , or visit www.usharesources.com .

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

The securities referred to in this news release have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements.

This news release does not constitute an offer for sale of securities for sale, nor a solicitation for offers to buy any securities. Any public offering of securities in the United States must be made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

Cision View original content to download multimedia: https://www.prnewswire.com/news-releases/usha-resources-closes-final-tranche-of-oversubscribed-non-brokered-private-placement-totalling-2-895-401--301568326.html

SOURCE Usha Resources Ltd.

Cision View original content to download multimedia: https://www.newswire.ca/en/releases/archive/June2022/15/c4533.html

News Provided by Canada Newswire via QuoteMedia

USHA:CA
The Conversation (0)
Usha Resources Logo

Usha Resources

Exploring Battery Metal Assets in Mining-Friendly Jurisdictions

Exploring Battery Metal Assets in Mining-Friendly Jurisdictions Keep Reading...
CORRECTION - Domestic Metals Engages ICP Securities Inc. for Automated Market Making Services and provides further details on the engagement of Michael Pound

CORRECTION - Domestic Metals Engages ICP Securities Inc. for Automated Market Making Services and provides further details on the engagement of Michael Pound

Wording in 3rd paragraph "Engagement of Michael Pound" has been corrected to reflect that Mr. Pound is no longer at arm's length of the company. Domestic Metals Corp. (the "Company" or "Domestic") - (TSXV: DMCU,OTC:DMCUF; OTCQB: DMCUF; FSE: 03E) announces that it has engaged the services of ICP... Keep Reading...
Domestic Metals Engages ICP Securities Inc. for Automated Market Making Services and provides further details on the engagement of Michael Pound

Domestic Metals Engages ICP Securities Inc. for Automated Market Making Services and provides further details on the engagement of Michael Pound

Domestic Metals Corp. (the "Company" or "Domestic") (TSXV: DMCU; OTCQB: DMCUF; FSE: 03E) announces that it has engaged the services of ICP Securities Inc. ("ICP") to provide automated market making services, including use of its proprietary algorithm, ICP Premium™, in compliance with the... Keep Reading...
FPX Nickel Announces Commencement of Environmental Assessment Process for Baptiste Nickel Project

FPX Nickel Announces Commencement of Environmental Assessment Process for Baptiste Nickel Project

FPX Nickel Corp. (TSXV: FPX) (OTCQB: FPOCF) ("FPX" or the "Company") is pleased to announce that the Initial Project Description (the "IPD") for its Baptiste Nickel Project ("Baptiste" or "the Project") has been submitted and formally accepted by the British Columbia Environmental Assessment... Keep Reading...
Capital Raise Presentation

Capital Raise Presentation

Cyprium Metals (CYM:AU) has announced Capital Raise PresentationDownload the PDF here. Keep Reading...
A$41M Capital Raise via Placement & Entitlement Offer

A$41M Capital Raise via Placement & Entitlement Offer

Cyprium Metals (CYM:AU) has announced A$41M Capital Raise via Placement & Entitlement OfferDownload the PDF here. Keep Reading...
NSM Capital Sarl  Applies for License at Titanbeach One

NSM Capital Sarl Applies for License at Titanbeach One

(TheNewswire) Muskoka - Ontario Steadright Critical Minerals Inc. (CSE: SCM,OTC:SCMNF) ("Steadright" or the "Company"), a resource exploration company focused on near-term production announces that the Moroccan company, NSM Capital Sarl, that Steadright is a 75% shareholder of, has formally... Keep Reading...

Interactive Chart

Latest Press Releases

Related News