Usha Resources Announces Closing of Non-Brokered Private Placement
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Usha Resources Announces Closing of Non-Brokered Private Placement
Vancouver, British Columbia / October 20, 2023 – Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:
USHA) (OTCQB: USHAF) (FSE: JO0), announces that, subject to the final approval of the TSX Venture Exchange
(the “Exchange”), the Company has closed its non-brokered private placement of $249,999.96 through the issuance
of 1,785,714 flow-through shares (each, a “FT Share”) at $0.14 per FT Share (the “Private Placement”).
The FT Shares qualify as flow -through shares for purposes of the Income Tax Act (Canada). The Company will
renounce said expenditures to the investors for the taxation year ending December 31, 2023.
The Company intends to use the net proceeds from the Private Placement to incur Canadian exploration expenses (the
“Qualifying Expenditures”) on its projects in Ontario prior to December 31, 2023.
The Company paid finder’s fees in the amount of $ 17,500 and issued 125,000 non-transferable finder’s warrant (the
“Finder’s Warrants”) to GloRes Securities Inc. Each Finder’s Warrant is exercisable at $0.20 per common share for a
period of two years from the date of closing of the Private Placement.
All securities issued are subject to the Exchange Hold Period and a four -month and one day hold period pursuant t o
securities laws in Canada expiring on February 18, 2024.
About Usha Resources Ltd.
Usha Resources Ltd. is a North American mineral acquisition and exploration company focused on the development
of quality lithium 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 includes Jackpot Lake, a lithium
brine project in Nevada and White Willow, a lithium pegmatite project in Ont ario that is the flagship among its
growing portfolio of hard -rock lithium assets. 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.
USHA RESOURCES LTD.
For more information, please email [email protected], 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 app licable 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 m ade by means of a prospectus
containing detailed information about the company and management, as well as financial statements.