Business
U.S. Silver & Gold Inc. Announces Completed Private Placement for $5.78 Million
TORONTO , Aug. 22, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX: USGIF) ("U...
About this update from Americas Gold And Silver Corporation
[{"type":"text","content":"\n\n\nTORONTO, Aug. 22, 2013 /CNW/ - U.S. Silver & Gold Inc. (TSX: USA, OTCQX:\n USGIF) (\"U.S. Silver & Gold\" or the \"Company\") is pleased to announce\n that it has closed its previously announced non-brokered private\n placement for gross proceeds of approximately CDN $5.78M (the \"Private\n Placement\") consisting of 9,636,331 units (\"Units\") at a price of CDN\n $0.60 per Unit.\n\n\n\"This Private Placement was led by a well-respected strategic investor\n who has confidence in management's ability to continue to manage costs\n and understands the Company's leverage in a rising silver market,\" said\n Darren Blasutti, President of U.S. Silver & Gold.  \"It strengthens our\n balance sheet, which remains a key corporate objective in the current\n fluctuating silver price environment. I'm also happy that the placement\n was well over-subscribed and that several members of the Board and\n Management participated.\"\n\n\nU.S. Silver & Gold intends to use the proceeds to continue development\n of the low capital intensity, high potential Caladay Zone and for\n general administrative and corporate costs.  Each Unit consisted of one\n common share and one half of one common share purchase warrant (each\n whole purchase warrant, a \"Warrant\"). Each Warrant entitles the holder\n to acquire one common share at an exercise price of CDN $0.75 for a\n period of three years from August 22, 2013.\n\n\nAs part of on-going cost reduction measures, Mr. Louis Dionne has\n volunteered to step down from the Board of Directors.  The Company\n would like to thank Louis for his valuable contributions and insight\n over the last two years and wish him all the best in the future.\n\n\nAbout U.S. Silver & Gold Inc.\nU.S. Silver & Gold Inc. is a newly formed silver and gold mining company\n focused on growth from its existing asset base and the execution of\n targeted accretive acquisitions. It owns and operates the Galena Mine\n Complex in the heart of the Silver Valley/Coeur d'Alene Mining\n District, Shoshone County, Idaho.  It produces high-grade silver and is\n the second most prolific silver mine in U.S. history, delivering over\n 200 million ounces to date. The Caladay Zone is being evaluated for\n bulk mining development. U.S. Silver & Gold Inc. also owns the\n Drumlummon Mine Complex in Lewis ...