Usha Resources arranges $500,000 debenture financing

Executive Summary

• Usha Resources Ltd. announces a non‑brokered private placement to raise up to $500,000 through the issuance of up to 500 unsecured convertible debentures.
• Each debenture carries a 1‑year term, 5 % interest (payable semi‑annually), and is convertible at C$0.05 per common share on maturity.
• Proceeds are earmarked for general working capital, providing the company with additional liquidity to fund ongoing exploration activities.

Key Details

• Offering Size: Up to 500 debentures at a principal amount of $1,000 each, total potential gross proceeds of $500,000.
• Conversion Terms: Convertible on the maturity date (one year from issuance) at a price of C$0.05 per share.
• Interest Rate: 5 % per annum, payable semi‑annually beginning six months after closing. Interest may be paid in cash or shares, with share payments based on the 15‑day VWAP of Usha’s common stock at the company’s election.
• Statutory Hold Period: Debentures subject to a four‑month‑and‑one‑day hold period under applicable securities laws.
• Use of Proceeds: Funds will be used for general working capital, supporting exploration and development programs across Usha’s portfolio (e.g., Southern Arm, Jackpot Lake, White Willow).
• Regulatory Condition: Completion of the placement is subject to approval by the TSX Venture Exchange.

Notable Quotes

(No executive quotes were provided in the release.)