Usha Resources Ltd (TSX-V:USHA). said it has closed the third tranche of its oversubscribed non-brokered private placement, issuing an additional 1,435,000 units at $0.30 per unit, raising total gross proceeds of $430,500.
Each unit issued consists of one common share and one-half of one transferable share purchase warrant with each whole warrant exercisable at $0.45 per share for a period of two years from the date of closing.
In total, Vancouver-based Usha has raised gross proceeds of $1,541,000 in all three tranches.
READ: Usha Resources closes second tranche of private placement; raises gross proceeds of $880,499
All securities issued in the third tranche of the private placement are subject to the exchange hold period, plus a hold period of four months and one day following the closing dates of the private placement expiring on September 18, 2022.
The company also said it has decided not to proceed with the acquisition of 1236598 B.C. Ltd., terminating the share exchange agreement dated August 11, 2021.
“The termination was completed in the best interests of shareholders as the company believes it is better to focus on its existing portfolio of projects including the Jackpot Lake Lithium Brine Project and the Formation Metals spinout,” Usha added.
Usha is a 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.
Contact the author at jon.hopkins@proactiveinvestors.com