TORONTO, May 21, 2014 /CNW/ - U.S. Silver & Gold Inc.
(TSX: USA)(OTCQX: USGIF)
("U.S. Silver & Gold" or the "Company") is pleased to report
that shareholders voted in favour of all items of business
including the election of each of the nominees listed in its
management information circular dated April
10, 2014 (the "Circular") at its annual and special meeting
of shareholders held on May 20, 2014
(the "Meeting"). Detailed results from the election of directors
are set out below.
|
Nominee
|
Shares Voted
For
|
Shares
Withheld
|
|
Hugh Agro
|
24,018,049 (96.96
%)
|
752,942
(3.04%)
|
|
Darren
Blasutti
|
23,560,576 (95.11
%)
|
1,210,415
(4.89%)
|
|
Alex
Davidson
|
22,185,468 (89.56
%)
|
2,585,523
(10.44%)
|
|
Alan R.
Edwards
|
23,906,286 (96.51
%)
|
864,705
(3.49%)
|
|
Gordon E.
Pridham
|
21,818,650 (88.08
%)
|
2,952,341
(11.92%)
|
|
Thomas
Ryley
|
23,921,055 (96.57
%)
|
849,936
(3.43%)
|
|
Lorie
Waisberg
|
22,139,052 (89.37
%)
|
2,631,939
(10.63%)
|
The biographies of directors and further details about the
Company's corporate governance practices are available at
www.us-silver.com.
In addition to the election of the board of directors,
disinterested shareholders also approved the conversion of
3,448,280 subscription receipts ("Subscription Receipts") issued in
connection with the private placement which closed on March 20, 2014 (the "Private Placement") for
3,448,280 common shares and 862,070 warrants, as further described
in the Circular. Each warrant entitles the holder to acquire
one common share at an exercise price of CDN $0.73 for a period of 24 months from March 20, 2014. The aggregate gross proceeds
raised in the Private Placement were approximately CDN$6.7 million of which approximately
CDN$4.7 million was received on
March 20, 2014 and approximately
CDN$2.0 million was released from
escrow today with all conditions for release satisfied.
In addition, shareholders approved an amendment to the Company's
by-laws that provides for required advanced notice in the
nomination of Board members. For a description of the resolutions
approved at the Meeting please refer to the Company's "Report on
Voting Results" filed on SEDAR at www.sedar.com.
About U.S. Silver & Gold Inc.
U.S. Silver & Gold is a silver and gold mining company
focused on growth from its existing asset base and 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 which 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 also owns the Drumlummon Mine Complex in
Lewis and Clark County,
Montana.
For further information please see SEDAR or
www.us-silver.com.
SOURCE U.S. Silver & Gold Inc.