Usha Resources Ltd (TSX-V:USHA) said it has closed its upsized non-brokered private placement, issuing 9,230,769 units at $0.325 each for the full increase of total gross proceeds of $3 million raised, due to investor demand.
Each unit in the private placement consists 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 private placement.
The company said it anticipates using the proceeds from the private placement for exploration activities on its properties in Nevada and Arizona and general working capital.
READ: Usha Resources increases private placement size; plans to raise up to C$3M
Usha paid an aggregate of $167,130.56 cash and 510,302 finder's warrants to Canaccord Genuity Corp, Research Capital Corporation, PI Financial Corp, Haywood Securities Inc, Leede Jones Gable Inc, Richardson Wealth Limited, Aligned Capital Partners Inc, GloRes Securities Inc, Hampton Securities Inc, and Gerhard Merkel.
The finder's warrants are non-transferable, exercisable at $0.50 per share for a period of three years from the closing date and subject to a hold period of four months and one day from the closing date expiring on July 23, 2023.
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, BC, Usha's portfolio of strategic properties provides target-rich diversification and consist 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