USHA Resources Ltd. Provides Update ON Timing FOR Completion of Its Qualifying Transaction

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USHA RESOURCES LTD.

1575 Kamloops Street

Vancouver, BC V5K 3W1

NEWS RELEASE

October 29, 2019 SYMBOL – USHA.P

USHA RESOURCES LTD. PROVIDES UPDATE ON TIMING FOR COMPLETION OF ITS

QUALIFYING TRANSACTION

Usha Resources Ltd. (“ Usha” or the “Company”) wishes to provide an update on the timing for

completion of its Qualifying Transaction. The expected closing date for Usha’s Qualifying

Transaction is on or around December 6, 2019.

Further information regarding Usha’s Qualifying Transaction can be found in the Filing

Statement dated September 30, 2019 and filed on the Usha’s SEDA R profile at

www.sedar.com.

ON BEHALF OF THE BOARD

Usha Resources Ltd.

Navin Varshney

CEO, CFO, Corporate Secretary and Director

For further information contact:

Navin Varshney

CEO, CFO, Corporate Secretary and Director

604 251-6320

Statements in this press release regarding Usha which are not historical facts are “forward-

looking statements” that involve risks and uncertainties, such as the completion of the proposed

Qualifying Transaction. Such information can generally be identified by the use of forwarding-

looking wording such as “may”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and

“continue” or the negative thereof or similar variations. Since forward-looking statements

address future events and conditions, by their very nature, they involve inherent risks and

uncertainties such as the risk that the closing may not occur for any reason. Forwarding-looking

statements in this news release include the statements that the Qualifying Transaction will be

completed.

Actual results in each case could differ materially from those currently anticipated in such

statements due to factors such as the decision to not close the Qualifying Transaction for any

reason. Except as required by law, Usha does not intend to update any changes to such

statements.

Completion of the Qualifying Transaction is subject to a number of conditions, including but not

limited to, Exchange acceptance and if applicable pursuant to Exchange Requirements, majority

of the minority shareholder approval. Where applicable, the Qualifying Transaction cannot close

until the required shareholder approval is obtained. There can be no assurance that the

Qualifying Transaction will be completed as proposed or at all.

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Investors are cautioned that, except as disclosed in the management information circular or

filing statement to be prepared in connection with the Qualifying Transaction, any information

released or received with respect to the Qualifying Transaction may not be accurate or complete

and should not be relied upon. Trading in the securities of a capital pool company should be

considered highly speculative.

The TSX Venture Exchange Inc. has in no way passed upon the merits of the Qualifying

Transaction and has neither approved nor disapproved the contents of this press release.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in

the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy

of this release.