• USHA Team

Usha Resources Announces First Tranche Closing and Extension of Private Placement

Vancouver, British Columbia / November 12, 2021 – Usha Resources Ltd. (“Usha” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) is pleased to announce that, further to its news releases of August 12, 2021 and October 14, 2021, it has closed the first tranche of the Company’s non-brokered private placement (the “Private Placement”), issuing an aggregate of 2,967,668 units (the “Units”) at $0.30 per Unit raising gross proceeds of $890,300.40.


Each Unit consists of one common share (a “Share”) and one-half of one transferable share purchase warrant (a “Warrant”) with each whole Warrant exercisable at $0.45 per share for a period of two (2) years from the date of closing, subject to an accelerated expiry if the closing trading price of the Company’s shares is greater than $0.75 per Share for a period of 10 consecutive trading days (the “Acceleration Event”). The Company will give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter.


All securities issued in the Private Placement will be subject to a four month and one day hold period plus the TSXV hold period. The Company paid finders’ fees totaling $40,271.01 cash and 134,237 non-transferable finder warrants (the “Finder Warrants”) to PI Financial Corp. and Haywood Securities Inc. in accordance with applicable securities laws. The Finder’s Warrants are exercisable on the same terms as the Warrants issued in the Private Placement.


The net proceeds from the Private Placement will be used for exploration of the Company’s new and existing portfolio of properties and for working capital and general corporate purposes.


The Company also announces that it has obtained an additional 30-day extension from the TSX Venture Exchange to close a second tranche of the Private Placement.


About Usha Resources Ltd.


Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.


We seek Safe Harbor.


USHA RESOURCES LTD.


“Deepak Varshney” CEO and Director


For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@usharesources.com,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.


Forward-looking statements:

This news release includes “forward-looking information” under applicable Canadian securities legislation including, but not limited to, the anticipated closing of the Financing. Such forward-looking information reflects management’s current beliefs and are based on a number of estimates and assumptions made by and information currently available to the Company that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information. Readers are cautioned that such forward-looking information are neither promises nor guarantees, and are subject to known and unknown risks and uncertainties including, but not limited to, general business, economic, competitive, political and social uncertainties, uncertain and volatile equity and capital markets, lack of available capital, actual results of exploration activities, environmental risks, future prices of base and other metals, operating risks, accidents, labor issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry. There are no assurances that the Company will successfully complete the Financing on the terms contemplated or at all. All forward-looking information contained in this news release is qualified by these cautionary statements and those in our continuous disclosure filings available on SEDAR at www.sedar.com. Accordingly, readers should not place undue reliance on forward-looking information. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.


The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures, and may not result in the discovery of mineral deposits that can be mined profitably. Furthermore, the Company currently has no reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.


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 applicable 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 made by means of a prospectus containing detailed information about the company and management, as well as financial statements.

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