TORONTO,
Aug. 14, 2013 /CNW/ - U.S. Silver
& Gold Inc. (TSX: USA) (OTCQX:
USGIF) ("U.S. Silver & Gold" or the "Company") is pleased to
announce a non-brokered private placement of up to 8,333,333 units
("Units") at a price of CDN $0.60 per
Unit, for aggregate gross proceeds of up to approximately CDN
$5,000,000 (the "Offering").
Each Unit will consist of one common share and
one half of one common share purchase warrant (each whole purchase
warrant, a "Warrant"). Each Warrant will entitle the holder to
acquire one common share at an exercise price of CDN $0.75 for a period of three years from the
closing of the Offering.
US Silver & Gold intends to use the proceeds
from the Offering to continue development of the low capital
intensity, high potential Caladay Zone and for general
administrative and corporate costs.
A finder's fee may be payable in connection with
this non-brokered private placement.
The Offering is expected to close on or about
August 22, 2013 or such other date as
the Company may determine. The Offering and the finders' fee are
subject to certain conditions, including completion of formal
documentation and receipt of regulatory approval, including the
approval of the TSX.
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. It
owns and operates the Galena Mine Complex in the heart of the
Silver Valley/Coeur d'Alene Mining
District, Shoshone County,
Idaho. It produces high-grade silver and is the second
most prolific silver mine in U.S. history, delivering over 200
million ounces to date. The Caladay Zone is being evaluated for
bulk mining development. U.S. Silver & Gold Inc. also
owns the Drumlummon Mine Complex in Lewis
and Clark County, Montana.
Mr. Jim Atkinson,
Vice President, Exploration and a Qualified Person under Canadian
Securities Administrators guidelines, has approved the contents of
this news release.
For further information please see SEDAR or
www.us-silver.com for the NI 43-101 compliant Technical Report on
the Galena Project dated March 22,
2013.
Cautionary Statement Regarding Forward Looking
Information:
This news release contains "forward‐looking
information" within the meaning of applicable securities laws.
Forward‐looking information includes, but is not limited to, the
Company's expectations intentions, plans, and beliefs with respect
to, among other things, the Galena Complex and the Drumlummon Mine.
Often, but not always, forward‐looking information can be
identified by forward‐looking words such as "anticipate",
"believe", "expect", "goal", "plan", "intend", "estimate", "may",
and "will" or similar words suggesting future outcomes, or other
expectations, beliefs, plans, objectives, assumptions, intentions,
or statements about future events or performance. Forward‐looking
information is based on the opinions and estimates of the Company
as of the date at which such information is provided and is subject
to known and unknown risks, uncertainties, and other factors that
may cause the actual results, level of activity, performance, or
achievements of the Company to be materially different from those
expressed or implied by such forward looking information. This
includes the ability to develop and operate the Galena and
Drumlummon properties, risks associated with the mining industry
such as economic factors (including future commodity prices,
currency fluctuations and energy prices), failure of plant,
equipment, processes and transportation services to operate as
anticipated, environmental risks, government regulation, actual
results of current exploration activities, possible variations in
ore grade or recovery rates, permitting timelines, capital
expenditures, reclamation activities, social and political
developments and other risks of the mining industry. Although U.S.
Silver and Gold has attempted to identify important factors that
could cause actual results to differ materially from those
contained in forward‐looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. By its nature, forward‐looking information involves
numerous assumptions, inherent risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, forecasts, and projections of various future events
will not occur. The Company undertakes no obligation to update
publicly or otherwise revise any forward‐looking information
whether as a result of new information, future events or other such
factors which affect this information, except as required by
law.
SOURCE U.S. Silver & Gold Inc.