United Silver Corp.: Secured Creditor Requires Full Payment
September 11 2013 - 6:11PM
Business Wire
United Silver Corp. (“United Silver Corp.”, the “Company”, or
“USC”: TSX; USC: OTC; USCZF: Frankfurt: UM8) announces that
further to its press release dated August 1, 2013, HUSC, LLC, the
Company’s secured lender, has commenced legal action in New York to
collect on its secured loan and to take over management of the
Crescent Mine joint venture operations. The Company disputes that
an event of default has occurred, states that the legal action is
not justified, and intends to defend the action vigorously. The
Company has until early October, 2013, to file a reply.
The Company has been negotiating with several parties with
respect to the refinance of the HUSC debt and the further
development of the Crescent Mine, but there is no binding or
definitive agreement yet reached. The Company will provide further
updates if and when an agreement may be reached.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated Canadian mining company with
operations in Idaho, USA. It has an 80% interest in the Crescent
Silver Mine project in the Silver Valley’s prolific Silver Belt -
directly between two of the district’s historically largest silver
producing properties, the Sunshine and Bunker Hill mines. USC also
offers a full suite of mining services including contract mining
and providing a complete fabrication shop and service for building
and repairing mining equipment to silver miners in the district.
USC's common shares trade on the Toronto Stock Exchange under the
symbol "USC". For more information about USC, please visit:
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Gregory Stewart"Chairman and CEO
Investor RelationsTel. (855) 238-0202
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements, which address future events and
conditions, which are subject to various risks and uncertainties.
Forward looking statements in this press release include that we
can defend the legal action commenced by HUSC, LLC, refinance our
debt and further develop the Crescent Mine. The Company's actual
results and financial position could differ materially from those
anticipated in such forward-looking statements as a result of
numerous factors, some of which may be beyond the Company's
control. These factors include: that our defences may not be
accpeted by a court, that we may not be able to raise financing to
pay off HUSC, results of exploration and development activities,
mis-estimation of mineral reserves and resources, fluctuations in
the marketplace for the sale of minerals, the inability to
implement corporate strategies, the inability to obtain sufficient
financing, the inability to pay our debts as they become due, labor
shortages, the inability to keep key employees, currency
fluctuations, general market and industry conditions and other
risks disclosed in the Company's filings with Canadian Securities
Regulators.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
United Silver Corp.Gregory Stewart, Chairman and CEOInvestor
Relations, 855-238-0202