Usha Resources Ltd. announced a non-brokered private placement that it has issued up to 1,785,714 flow-through shares at a price of CAD 0.14 per share for the aggregate gross proceeds of CAD 249,999.96 on October 20, 2023. The Flow-through shares qualify as flow-through shares for purposes of the Income Tax Act . The company will renounce said expenditures to the investors for the taxation year ending December 31, 2023.

The company paid finders' fees in the amount of CAD 17,500 and issued 125,000 non-transferable finders' warrants. Each finder's warrant is exercisable at CAD 0.20 per common share for a period of two years from the date of closing of the private placement. All securities issued are subject to the exchange hold period and a four-month-and-one-day hold period, pursuant to securities laws in Canada, expiring on February 18, 2024.

The Company announced that, subject to the final approval of the Exchange.