Usha Resources Closes Second Tranche of Oversubscribed Non-Brokered Private Placement at a Premium to Market Price

VANCOUVERUsha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) (FSE: JO0) is pleased to announce that, following the previously announced non-brokered private placement and subject to the approval of the TSX Venture Exchangeit closed the second tranche of a now oversubscribed non-brokered private placement, issuing a total of 2,934,998 units at a price of $0.30 per unit for total gross proceeds of $880,499.

In total, the USHA collected gross proceeds of $1,111,499.40 in both slices.

“We are very pleased to be able to raise capital at a premium to our share price and we are very grateful for the support of our new and existing shareholders,” said Deepak Varshney, P. Geo., CEO of the Company.

Each unit consists of one common share (each a “Share”) of the Company and one transferable common share purchase warrant (each a “Warrant”), each warrant exercisable to purchase one share of the Company at the price of $0.45 per share for a period of 2 years from the closing date (the “Expiration Date”).

The Company paid finder’s fees totaling $22,740 cash and 75,800 non-transferable research vouchers (the “Research Vouchers”) to Research Capital Corporation and Richardson Heritage Limited in accordance with applicable securities laws. The Warrants Finder can be exercised under the same conditions as the Warrants issued within the framework of the Private Placement.

All securities issued under the first 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 September 14, 2022.

The Company also announces that the Stock Exchange has granted it an extension of June 13, 2022 close the last tranche of the Private Placement.

On Usha Resources Ltd.

Usha Resources Ltd. is a North American mining acquisition and exploration company focused on developing quality, drill-ready battery and precious metals properties with high growth and expansion potential. Situated at Vancouver, BCUsha’s portfolio of strategic properties offers target-rich diversification and consists of jackpot lakea lithium project at Nevada; Nicobat, a nickel-copper-cobalt project in Ontario and lost pelvisa gold-copper project in Arizona. Usha negotiates 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.

Contact:

Tyler Muir

Tel: 1-888-772-2452

Email: [email protected]

Web: www.usharesources.com

The securities referred to in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in United States or to, or for the account or for the benefit of, WE absent people WE registration or an applicable exemption from WE registration conditions.

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

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