Usha Resources Closes Third Tranche of Oversubscribed Non-Brokered Private Placement at a Premium to Market Price and Terminates Share Exchange Agreement

VANCOUVERUsha Resources Ltd. (“USHA” or the “Company”) (TSX.V: USHA) (OTCQB: USHAF) (FSE: JO0) is pleased to announce that, further to its previous press releases and subject to the approval of the TSX Venture Exchangeit closed the third tranche of its oversubscribed non-brokered private placement by issuing 1,435,000 additional units at a price of $0.30 per unit for total gross proceeds of $430,500.

In total, the USHA collected gross proceeds of $1,541,000 in all three slices.

Each unit issued consists of one common share (a “Share”) in the capital of the Company and one-half transferable share purchase warrant (each whole warrant being a “Warrant”), each whole warrant can be exercised at $0.45 per share for a period of 2 years from the closing date (the “Expiration Date”).

The Company paid finder’s fees totaling $34,440 cash and 114,800 non-transferable research vouchers (the “Research Vouchers”) to Canaccord Genuity Corporation 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 third 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 18, 2022.

In addition, the Company wishes to correct the information contained in the press release published on May 16, 2022 and confirms that the warrants issued upon the closing of the second tranche of the private placement were half warrants.

The Company also announces that following the Company’s press releases dated August 12, 2021 and December 21, 2021the Company has decided not to proceed with the acquisition of 1236598 BC Ltd. (“1236”) and the Share Exchange Agreement dated August 11, 2021 between the Company, 1236 and the shareholders of 1236 has been terminated. The termination was done in the best interests of shareholders, as the Company believes it is best to focus on its existing pipeline of projects, including the Jackpot Lake Lithium Brine Project and spin-out Formation Metals.

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 rich target diversification and consists of Jackpot Lake, a 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.


Tyler Muir

Tel: 1-888-772-2452

Email: [email protected]


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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