Usha Resources Ltd (TSX-V:USHA) said that due to investor demand, it has increased the size of its previously announced, non-brokered private placement to raise gross proceeds of up to C$3 million by issuing as many as 9,230,769 company units at a price of $0.325 each.
The North American mineral acquisition and exploration company focused on the development of battery and precious metal properties said it anticipates using the proceeds from the offering for exploration activities on its properties in Nevada and Arizona and general working capital.
Each unit of the private placement will consist of one company common share plus one transferable common share purchase warrant exercisable at $0.50 per share for a period of three years from the closing date of the offering.
READ: Usha Resources reveals that it is pursuing a listing of its securities on the Australian Securities Exchange
As well, Usha revealed that it has issued 654,070 company common shares, at a deemed price of $0.344 per share, to Ares Strategic Mining (TSX-V:ARS) Inc, which represents the final payment required for the acquisition of the Jackpot Lake property in Nevada.
The shares issued are subject to a hold period of four months and one day, according to the company.
Vancouver-based Usha Resources’ 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 Sean at sean@proactiveinvestors.com