Usha Resources closes $500,000 non-brokered convertible debenture private placement
Usha Resources Ltd. (TSXV: USHA / OTCQB: USHAF / FSE: JO0) announces the closing of a non-brokered private placement of convertible debentures for aggregate gross proceeds of CAD $500,000. The debentures are convertible into common shares at a price of $0.05 per share.
Use of proceeds
Net proceeds will be used to support general working capital and to advance ongoing exploration program activities at Southern Arm and Jackpot Lake. Insider participation, if any, will be disclosed in accordance with applicable rules.
Terms summary
- Aggregate principal: CAD $500,000.
- Conversion price: $0.05 per common share.
- Term: 1 year, subject to standard customary adjustments.
- Subject to applicable hold periods and TSX Venture Exchange acceptance.
Forward-Looking Information
This release contains forward-looking information including statements regarding the use of proceeds. Forward-looking information speaks only as of the date hereof and the Company disclaims any obligation to update it except as required by law.