Usha Resources Ltd. (“USHA” or the “Company”) (TSXV:USHA)(OTCQB:USHAF) is pleased to announce that it has received proceeds of $883,330 from the exercise of 4,207,000 warrants. The exercised warrants were originally issued as part of the Company’s go-public financing. All warrants issued as part of the go-public financing were exercised.
Navin Varshney, a director of the Company, exercised 364,300 warrants, increasing his shareholdings to a total of 2,440,600 common shares of the Company.
Deepak Varshney, CEO of the Company, exercised 163,400 warrants, increasing his shareholdings to a total of 1,568,800 common shares of the Company.
The Company has now raised $1,755,130.40 in the current quarter inclusive of the $890,300.40 in gross proceeds raised as part of the first tranche of the Company’s non-brokered private placement (the “Private Placement”) and other warrants exercised during the quarter, greatly strengthening its balance sheet moving forward as it continues to develop its Lost Basin Gold-Copper Project located in Mohave County, Arizona through ongoing exploration.
“We are very pleased with this strong show of support from our existing long-term shareholders as we continue to move forward with our strategy to further explore our Lost Basin Asset,” stated Deepak Varshney, P.Geo., CEO. “The proceeds from the warrant exercises and our initial tranche provide the Company with excellent financial footing and flexibility as we launch our 2022 exploration program. We are grateful for the ongoing support and very much look forward to an exciting year ahead.”
About Usha Resources Ltd.
Usha Resources Ltd. is a Canadian mineral acquisition and exploration company based in Vancouver, BC, Canada. Usha is exploring for commercially exploitable mineral deposits and is currently focused on deposits located in Northwest Ontario, Canada and the Lost Basin Gold Mining District in Mohave County, Arizona, U.S.A. Usha increases shareholder value through the acquisition and exploration of quality precious and base metal properties and the application of advanced state-of-the-art exploration methods. Usha’s portfolio of strategic properties provides diversification and mitigates investment risk.
We seek Safe Harbor.
USHA RESOURCES LTD.
“Deepak Varshney” CEO and Director
For more information, please phone James Berard, Investor Relations, at 778-228-2314, email jberard@usharesources.com, or visit www.usharesources.com.