Usha Resources Ltd (TSX-V:USHA) has announced that subject to approval of the TSX Venture Exchange, it intends to complete a non‑brokered private placement of up to 6,153,847 units at a price of $0.325 each, for gross proceeds of up to $2 million.
The company said it anticipates using the proceeds from the private placement for exploration activities on the company's properties in Nevada and Arizona and general working capital.
Each unit will consist of one common share of the company and one transferable common share purchase warrant exercisable at $0.50 per share for a period of three years from the closing date of the placement.
READ: Usha Resources reveals positive progress at Jackpot Lake lithium brine property as it eyes new acquisitions
Finder's fees may be payable in accordance with exchange policies.
Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (NI 45-106), the securities will be offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions under the listed issuer financing exemption (LIFE), as well as other available exemptions under NI 45-106.
The securities to be issued under LIFE will not be subject to a hold period pursuant to applicable Canadian securities laws, except for the securities to be issued to directors, officers, promoters, consultants, insiders and other persons whose shares will be subject to the hold period required by the policies of the exchange. Securities to be issued under the other available exemptions are subject to a hold period.
Usha Resources is a North American mineral acquisition and exploration company focused on the development of quality battery and precious metal properties that are drill-ready with high-upside and expansion potential.
Based in Vancouver, British Columbia, Usha's portfolio of strategic properties provides target-rich diversification and consists of Jackpot Lake, a lithium project in Nevada; Nicobat, a nickel‑copper‑cobalt project in Ontario; and Lost Basin, a gold-copper project in Arizona.
Contact the author at jon.hopkins@proactiveinvestors.com