From the Wires
U.S. Silver & Gold Adopts Shareholder Rights Plan
By: PR Newswire
Dec. 11, 2012 06:45 AM
TORONTO, Dec. 11, 2012 /PRNewswire/ - U.S. Silver & Gold Inc. (TSX: USA) (OTCQX: USGIF) ("U.S. Silver & Gold" or the "Company") announced today that its board of Directors (the "Board") has adopted a shareholder rights plan (the "Rights Plan").
The Rights Plan is intended to ensure that, to the extent possible, the Company's Board and shareholders have adequate time to consider and evaluate any unsolicited take-over bid, and to identify, solicit, develop and negotiate any value-enhancing alternatives that would be considered appropriate. This will encourage fair treatment of the Company's shareholders in connection with any unsolicited take-over bid.
The Board has authorized the issuance of one right in respect of each common share of the Company outstanding at 5:00 p.m. (Toronto time) on December 11, 2012 and each share issued thereafter.
The Rights Plan is effective immediately and will be submitted to the shareholders for ratification at the annual general meeting in May 2013. If it is not ratified within six months, the Rights Plan and any rights issued pursuant to it will terminate. If it is ratified, the Rights Plan will continue in effect until the third annual meeting of shareholders thereafter. A copy of the plan will be available on SEDAR at www.sedar.com.
About U.S. Silver & Gold Inc.
U.S. Silver & Gold Inc. is a newly formed silver and gold mining company focused on growth from its existing asset base and the execution of targeted accretive acquisitions. U.S. Silver & Gold owns and operates the Galena Mine Complex in the heart of the Silver Valley/Coeur d'Alene Mining District, Shoshone County, Idaho and the Drumlummon Mine Complex in Lewis and Clark County, Montana. Within the Galena Mine Complex, the Galena mine produces high‐grade silver and is the second most prolific silver mine in U.S. history, delivering over 200 million ounces to date, the Coeur mine is under late redevelopment and the Lead-Silver Zone is being evaluated for bulk mining development. The Drumlummon mine currently produces high‐grade gold and silver with historical production of 1 million ounces of gold and 12 million ounces of silver and has never been fully exploited or explored. Visit www.us-silver.com.
CAUTIONARY NOTE REGARDING FORWARD‐LOOKING STATEMENTS
SOURCE U.S. Silver & Gold Inc.
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