Business
Scorpio Mining Corporation and U.S. Silver & Gold Inc. receive shareholder approval for business combination
TORONTO , Dec. 18, 2014 /CNW/ - Scorpio Mining Corporation ("Scorpio Mining") (TSX: ...
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"\n\nTORONTO, Dec. 18, 2014 /CNW/ - Scorpio Mining Corporation (\"Scorpio Mining\") (TSX: SPM) and U.S. Silver & Gold Inc. (\"U.S. Silver & Gold\") (TSX: USA)(OTCQX: USGIF) are pleased to announce that their respective shareholders have approved the previously announced plan of arrangement to complete a merger of equals that will combine their respective businesses (the \"Transaction\").  Shareholders of each company approved the Transaction at their respective special meetings of shareholders held today with over 99% of the votes cast in favour of the Transaction in each case.\n\n\"On behalf of the Board of the newly combined company, I would like to extend my thanks to all the U.S. Silver & Gold and Scorpio Mining shareholders who overwhelmingly supported this Transaction,\" said Darren Blasutti, who will assume the role of President and Chief Executive Officer of the combined company upon closing of the transaction.  \"We are pleased that the shareholders recognized the inherent value that this Transaction will create, and we are excited to take advantage of future opportunities as a combined company.  As a combined organization, we offer shareholders a leading junior silver producer in the Americas with a strong balance sheet, industry-leading silver leverage and a track record of reducing costs on a sustainable basis.\"\n\n\"I would also like to extend my thanks to the Board of Directors, Management teams and advisors of both companies. Their hard work helped us move from the signing of an exclusivity agreement to the receipt of shareholder approval in under two months,\" said Mr. Blasutti.\n\nU.S. Silver & Gold will seek final approval of the Transaction from the Ontario Superior Court of Justice on December 22, 2014.  Assuming the receipt of such final approval and the satisfaction of certain other customary conditions, closing of the Transaction is expected to occur on or about December 23, 2014.\n\nUnder the terms of the Transaction, shareholders of U.S. Silver & Gold will receive 1.68 common shares of Scorpio Mining for each share of U.S. Silver & Gold held.  Shareholders of Scorpio Mining will not have to exchange their shares of Scorpio Mining in the Transaction. Upon completion of the Transaction, former shareholders of Scorpio Mining will own approximately 59% an...