While it is true that the Usha Resources Ltd (OTCMKTS:USHAF) stock did not make much of a move and stayed within a range on Tuesday, it may still be a good move to take a look at the announcement the company made yesterday.
Trading Data
On Tuesday, USHAF stock ended flat at $0.2538 with more than 25 shares, compared to its average volume of 9.8k shares. The stock has moved within a range of $0.2538 – 0.2538 after opening trade at $0.2538.
Closes Non-Brokered Private Placement and Raises $1,889,130.80 in Quarter
On Tuesday, the company announced that it managed to close the first tranche of the private placement of 3,414,335 units. The private placement was of a non-brokered nature and it should be noted that it is still subject to the approval from the TSX Venture Exchange.
The company announced that it had managed to bring in gross proceeds to the tune of as much as $1,0243,00.40 from the private placement. In this context, it is necessary to note that each unit that was offered by the company was made up of one common share in Usha Resources and one half of a transferable share warrant.
The announcement from the company was a significant one and although the market has not reacted yet, it now remains to be seen if the stock make a move soon. It may be a good idea for investors to keep an eye on the stock over the course of the coming days.
Key Quote
“We are very pleased with the outcome of our fundraising efforts in the quarter,” stated Deepak Varshney, P.Geo., CEO of the Company. “The proceeds will provide the Company with excellent financial footing and flexibility as we move into 2022. We are grateful for the ongoing support and very much look forward to an exciting year ahead.”
Technical Data
USHAF stock is trading below the 20-Day and 50-Day Moving averages of $0.2748 and $0.2777 respectively. However, the stock is trading above the 100-Day moving average of $0.2431. The stock is down 6% in the past month.
