Usha Agrees to Acquire an Additional Interest in the Nicobat Property and Announces New Director
Updated: Feb 7
Usha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) is pleased to announce that on May 11, 2020, it entered into an amendment agreement (the “Amendment Agreement”) with Emerald Lake Development Corporation (“Emerald Lake”) to the mineral property purchase agreement dated March 7, 2019, whereby Emerald Lake has granted the Company the right to acquire an additional 34% interest in the Nicobat Property located in Northwest Ontario, for a total interest of 85%, in exchange for the issuance of 500,000 common shares of the Company (the “Shares”).
The Amendment Agreement and issuance of the Shares to Emerald Lake is subject to the final approval of the TSX Venture Exchange. The Shares will be subject to a four month hold period pursuant to securities laws in Canada.
The Company is also currently inspecting other properties of interest in Nevada and Arizona as well as properties near the Golden Triangle Mineral District in British Columbia, Canada.
Additionally, the Company also announces the appointment of Brian Moore as a member of the Company’s board of directors, effective immediately.
Brian Moore has been providing taxation, accounting, and business advisory services since 1979, establishing his own firm in 1986. His Partner Paul Turner and Brian co-founded TurnerMoore LLP in 1994. Their firm is committed to helping business operators and entrepreneurs in building and maintaining enterprises from start-up, growth and succession.
Brian is an active volunteer in his community, and over the past thirty years has served on carious not-for-profit boards and in political organizations. He is a past Governor of CGA Ontario, past member of committees for both CGA Ontario and CGA Canada, and currently serves as a Practice Inspector for CGA Ontario. In 2009, CGA Canada awarded Brian the Fellowship designation (FCGA) in recognition of his contributions to CGA and the accounting profession.
Usha Resources Ltd.
“Deepak Varshney” CEO and Director
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