Usha Resources Announces First Tranche Closing and Extension of Private Placement

Each Unit consists of one common share (a “ Share ”) and one-half of one transferable share purchase warrant (a “ Warrant ”) with each whole Warrant exercisable at $0.45 per share for a period of two (2) years from the date of closing, subject to an accelerated expiry if the closing trading price of the Company’s shares is greater than $0.75 per Share for a period of 10 consecutive trading days (the “ Acceleration Event ”). The Company will give notice to the holders of the Acceleration Event and the Warrants will expire 30 days thereafter.

All securities issued in the Private Placement will be subject to a four month and one day hold period plus the TSXV hold period. The Company paid finders’ fees totaling $40,271.01 cash and 134,237 non-transferable finder warrants (the “ Finder Warrants ”) to PI Financial Corp. and Haywood Securities Inc. in accordance with applicable securities laws. The Finder’s Warrants are exercisable on the same terms as the Warrants issued in the Private Placement.

The net proceeds from the Private Placement will be used for exploration of the Company’s new and existing portfolio of properties and for working capital and general corporate purposes.

The Company also announces that it has obtained an additional 30-day extension from the TSX Venture Exchange to close a second tranche of the Private Placement.