Usha Resources Ltd (TSX-V:USHA). said it has closed the second tranche of a now oversubscribed non-brokered private placement, issuing an aggregate of 2,934,998 units at a price of $0.30 each and raising gross proceeds of $880,499.
In total, the Vancouver-based company raised gross proceeds of $1,111,499.40 in both tranches from the non-brokered private placement.
“We are very pleased to be able to raise capital at a premium to our share price and we are very grateful for the support from our new and existing shareholders,” said Deepak Varshney, CEO of Usha in a statement.
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Each unit in the placement consists of one common share and one transferable common share purchase warrant, with each warrant exercisable to purchase one share of the company at$0.45 per share for a period of 2 years from the date of closing.
The placement is subject to the approval of the TSX Venture Exchange, Usha said, adding that the exchange has granted the company an extension to June 13, 2022 to close the final tranche.
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.
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