U.S. Silver & Gold Inc. Announces Over-Subscribed Private
Placement for $5.77 Million
TORONTO, Aug. 15, 2013 /PRNewswire/ - U.S. Silver &
Gold Inc. (TSX: USA, OTCQX:
USGIF) ("U.S. Silver & Gold" or the "Company") is pleased to
announce
that it now has an over-subscribed book in respect of its
previously
announced non-brokered private placement for proceeds of
approximately
CDN $5.77 (the "Private
Placement").
"This Private Placement was led by a well-respected strategic
investor
who has confidence in management's ability to continue to manage
costs
and understands the Company's leverage in a rising silver market."
said
Darren Blasutti, President of U.S.
Silver & Gold. "It will strengthen
our balance sheet, which remains a key corporate objective in
the
current fluctuating silver price environment. I'm also happy to
report
that the placement was over-subscribed and that several members of
the
Board and Management are participating."
US Silver & Gold intends to use the proceeds to continue
development of
the low capital intensity, high potential Caladay Zone and for
general
administrative and corporate costs.
Closing of the Private Placement is expected to occur on or about
August
22, 2013. The Private Placement and related finder's
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.
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.