Usha Resources Receives $883,330 From Warrant Exercises
Updated: Feb 9
Vancouver, British Columbia / December 8, 2021 – Usha Resources Ltd. (“USHA” or the “Company”) (TSXV: USHA) (OTCQB: USHAF) is pleased to announce that it has received proceeds of $883,330 from the exercise of 4,207,000 warrants. The exercised warrants were originally issued as part of the Company’s go-public financing. All warrants issued as part of the go-public financing were exercised.
Navin Varshney, a director of the Company, exercised 364,300 warrants, increasing his shareholdings to a total of 2,440,600 common shares of the Company.
Deepak Varshney, CEO of the Company, exercised 163,400 warrants, increasing his shareholdings to a total of 1,568,800 common shares of the Company.
The Company has now raised $1,755,130.40 in the current quarter inclusive of the $890,300.40 in gross proceeds raised as part of the first tranche of the Company’s non-brokered private placement (the “Private Placement”) and other warrants exercised during the quarter, greatly strengthening its balance sheet moving forward as it continues to develop its Lost Basin Gold-Copper Project located in Mohave County, Arizona through ongoing exploration.
"We are very pleased with this strong show of support from our existing long-term shareholders as we continue to move forward with our strategy to further explore our Lost Basin Asset," stated Deepak Varshney, P.Geo., CEO. “The proceeds from the warrant exercises and our initial tranche provide the Company with excellent financial footing and flexibility as we launch our 2022 exploration program. We are grateful for the ongoing support and very much look forward to an exciting year ahead.”
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
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.
This news release may include "forward-looking information" under applicable Canadian securities legislation. Such forward-looking information reflects management's current beliefs and are based on a number of estimates and/or 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 that 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, labour issues, delays in obtaining governmental approvals and permits, and other risks in the mining industry.
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.