Usha Resources closes $500,000 convertible debenture placement

Usha Resources Ltd. (TSXV:USHA)(OTCQB: USHAF)(FSE:JO0) completed a non-brokered private placement on December 11, 2025, raising $500,000 through the issuance of unsecured convertible debentures.

The debentures carry a one-year term and are convertible into common shares at $0.05 per share at maturity. The company may force conversion of all outstanding debenture principal if it announces a business combination with a corporation having at least $10 million market capitalization and the volume-weighted average closing price of shares exceeds $0.10 for 15 days prior to the announcement.

Interest payments to debenture holders will be paid in shares at a conversion price determined by the higher of the 15-day volume-weighted average closing price prior to payment or the market price when interest becomes payable, subject to TSX Venture Exchange approval. If approval is not granted, interest will be paid in cash.

The company paid $500 in finder's fees to an eligible finder. Proceeds will be used for general working capital purposes.

The debentures are subject to a four-month and one-day statutory hold period expiring April 12, 2026. The private placement requires final approval from the TSX Venture Exchange.

Usha Resources is a Vancouver-based mineral acquisition and exploration company with properties including Southern Arm copper-gold project in Quebec, Jackpot Lake lithium brine project in Nevada, and White Willow lithium pegmatite project in Ontario.

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