Usha Resources Completes $500,000 Convertible Debentures Private Placement

Usha Resources Ltd., a North American mineral acquisition and exploration company, announced the completion of its non-brokered private placement of convertible debentures, raising $500,000. The debentures carry a one-year term and are convertible into common shares at a conversion price of $0.05 per share on the maturity date.

The company retains forced conversion rights under certain conditions, such as entering a qualifying business transaction with a company valued at over $10,000,000. Interest payable to debenture holders may be converted to shares, subject to TSX Venture Exchange approval.

The funds will support Usha's working capital, and the debentures are under a four-month statutory hold, expiring in April 2026. The placement awaits final approval from the Exchange.