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Usha Resources Announces Closing of Non-Brokered Private Placement Pursuant to New Listed Issuer Financing Exemption
VANCOUVER, BC / ACCESSWIRE / March 22, 2023 / Usha Resources Ltd. ("USHA" or the "Company...
About this update from Usha Resources Ltd
[{"type":"text","content":"Usha Resources Announces Closing of Non-Brokered Private Placement Pursuant to New Listed Issuer Financing ExemptionVANCOUVER, BC / ACCESSWIRE / March 22, 2023 / Usha Resources Ltd. (\"USHA\" or the \"Company\") (TSXV:USHA)(FSE:JO0), a North American mineral acquisition and exploration company focused on the development of drill-ready battery and precious metal projects, is pleased to announce that, further to its news releases of March 3, 2023 and March 16, 2023 and subject to approval of the TSX Venture Exchange (the \"Exchange\"), it has closed its non-brokered private placement (the \"Private Placement\") issuing 9,230,769 units (each a \"Unit\") at $0.325 per Unit for the full increase in the Private Placement of total gross proceeds of $3,000,000 raised, due to investor demand.Each Unit consists of one common share (a \"Share\") of the Company and one transferable common share purchase warrant exercisable at $0.50 per Share for a period of three (3) years from the closing date (the \"Closing Date\") of the Private Placement.The Company paid an aggregate of $167,130,56 cash and 510,302 finder's warrants (the \"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 (3) 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.The Company anticipates using the proceeds from the Private Placement for exploration activities on the Company's properties in Nevada and Arizona and general working capital.Subject to compliance with applicable regulatory requirements and in accordance with National Instrument 45-106 - Prospectus Exemptions (\"NI 45-106\"), the securities were offered for sale to purchasers resident in Canada and/or other qualifying jurisdictions pursuant to the listed issuer financing exemption under Part 5A of NI 45-106 (the \"LIFE Exemption\"), which securities are not subject to a hold period pursuant to applicable Canadian securities laws, except for the securities issued to directors, officers, promoters, consultants, insiders an...