U.S. Silver Corporation Announces Successful Closing of Early Exercise Warrant Incentive Program, Raising Over $15.3 Million, Representing Over 95
Fri May 11, 6:39 PM
ca.news.finance.yahoo.com
TORONTO, ONTARIO--(CCNMatthews - May 11, 2007) - U.S. Silver Corporation ("U.S. Silver" or the "Corporation") (TSX VENTURE: USA.V) is pleased to announce that it has successfully completed its previously announced early exercise warrant incentive program, raising CDN$15,322,220. Over 95% of warrants eligible for the program were exercised. As a result, the Corporation currently has outstanding 184,502,673 common shares, including the common shares issued as incentive during the early exercise period.
The following sets forth the details of the aggregate proceeds raised over the course of the 30 day period for the early exercise warrant incentive program which concluded on May 11, 2007:
Early Exercise Warrant Incentive Program
Common Shares
issued
as incentive Total
Aggregate during the early Common Shares
Warrants Proceeds exercise period Issue (including
Exercised Raised ("Incentive Shares") Incentive Shares)
38,734,112 CDN$15,322,220(1) 3,873,404 42,607,516
(1) Includes conversion of funds received in US$, using the noon interbank
exchange rated quoted by the Bank of Canada on May 10, 2007 of
US$1.00 equals CDN$1.1073.
Any warrants that were not exercised pursuant to the program continue to be exercisable for common shares on the same terms as currently existing.
The proceeds raised will provide U.S. Silver with additional working capital and the capital to accelerate the exploration and development of its Galena Silver Mine and adjoining properties in Idaho. Development activities will include accessing the silver-lead zone between the 2400 and 3700 levels of the Galena Mine, as well as developing the new high-grade silver-copper zones discovered on the 3400 level. The Corporation will also focus on the repair of the Galena Shaft as well as repairs to the Coeur Mill. The Coeur Mill is scheduled to start processing lead-silver material in August, 2007.
Bruce Reid, Chief Executive Officer of U.S. Silver, commented: "On behalf of U.S. Silver, I would like to thank those whom participated in the early exercise warrant incentive program for their continuing support of the Corporation. U.S. Silver is now capitalized to execute on our exploration and development programs going forward."
Research Capital Corporation acted as financial advisor to the Corporation with respect to the early exercise warrant incentive program.
This is not an offer for sale, or a solicitation of an offer to buy, in the United States or to any "U.S. Person," as such term is defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. 1933 Act") of any equity shares or any other securities of U.S. Silver.
ABOUT U.S. SILVER CORPORATION
U.S. Silver Corporation owns and operates the producing Galena Silver Mine, in Shoshone County, Idaho which is the second most prolific silver mine in U.S. history with over 200 million ounces of silver produced since 1953. The Mine is currently anticipated to produce 3.2 million ounces of silver in 2007 with associated by-product lead and copper production. U.S. Silver acquired the Galena Mine as well as the Coeur Mine and the Caladay Property and over 11,000 acres of ground in the heart of the Coeur D'Alene Silver Mining District in June 2006. The Company is focused on the production and exploration of its extensive Silver Valley holdings.
Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward-looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in filings by the Corporation with the Canadian securities regulators, which filings are available at www.sedar.com.
The common shares of U.S. Silver to be issued as described in this press release have not been registered under the U.S. 1933 Act and may not be offered or sold in the United States (or to a U.S. person) absent registration under the U.S. 1933 Act or an applicable exemption from the registration requirements of the U.S. 1933 Act.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contacts
Bruce Reid
U.S. Silver Corporation
Chief Executive Officer
(647) 500-4495
Vance Loeber
U.S. Silver Corporation
Investor Relations
(604) 805-3530 |
