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U.S. Silver & Gold Inc. Announces Over-Subscribed Private Placement for $5.77 Million
TORONTO , Aug. 15, 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. 15, 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 now has an over-subscribed book in respect of its previously\n announced non-brokered private placement for proceeds of approximately\n CDN $5.77 (the \"Private Placement\").\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 will strengthen\n our balance sheet, which remains a key corporate objective in the\n current fluctuating silver price environment. I'm also happy to report\n that the placement was over-subscribed and that several members of the\n Board and Management are participating.\"\n\n\nUS Silver & Gold intends to use the proceeds to continue development of\n the low capital intensity, high potential Caladay Zone and for general\n administrative and corporate costs.\n\n\nClosing of the Private Placement is expected to occur on or about August\n 22, 2013.  The Private Placement and related finder's fee are subject\n to certain conditions, including completion of formal documentation and\n receipt of regulatory approval, including the approval of the TSX.\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 and Clark County, Montana.\n\n\nFor further information please see SEDAR or www.us-silver.com for the NI 43-101 compliant Technical Report on the Galena Project\n dated March 22, 2013.\n\n\nCautionary Statement Regarding Forward Looking Information:\nThis news release contains \"forward‐looking informa...