It wasnt HL who bought the Drum MT gold mine but i
Post# of 168
Posted On: 03/27/2015 12:35:38 PM
It wasnt HL who bought the Drum MT gold mine but i remember HL trying to buy it-as shown below- but they lost out to the co below -
Merger with RX Gold & Silver
On June 7, 2012, U.S.Silver Corporation and RX Gold & Silver announced the signing of a definitive agreement to merge the two companies and form U.S. Silver &Gold. The highlights of the agreement included
U.S. Silver shareholders to receive 0.670 U.S. Silver &Gold shares per U.S. Silver share, resulting in their effective ownership of approximately 70% of the combined company
RX Gold shareholders to receive 0.109 U.S. Silver & Gold shares per RX Gold share, resulting in their effective ownership of approximately 30% of the combined company
Two - 100% owned U.S. based precious metal operations that deliver immediate cash and one silver re-development asset
Combined production base of 2.7 million1 ounces of silver and 26,5001 ounces of gold
Opportunities for significant resource growth, brownfield development and operational and head office synergies
Meaningful organic exploration potential at Drumlummon and Silver Valley area
Geographic concentration of assets that allows for near term focus on improving mineplanning and execution of cost reduction strategies
Proven board of directors and management team with significant executive experience in senior precious metals companies and the capability todeliver results in tough market conditions
Improved liquidity and capital markets profile, US$25 million in cash and capital markets relationships that position the larger,combined company for further growth through opportunistic and accretive acquisitions
Unanimous recommendations from the boards of both companies that shareholders vote for the Transaction. The board and senior management of each company have agreed to vote in favour of the Transaction. In addition, Sprott Asset Management LP ("Sprott"
has signed a lock-up agreement supporting the Transaction. Sprott is the largest shareholder of both companies and currently holds approximately 14% of U.S. Silver shares and 8% of RX Gold shares
A key objective of the combined company will be to exceed5.0 million ounces of silver production at significantly lower cash costs by2014.
On July 25, 2012, Hecla Mining Company announced its intention to make an all-cash offer to acquire all of the outstanding common shares of U.S. Silver for C$1.80 per share and all of the outstanding common share purchase warrants of U.S. Silver for C$0.205 per warrant.
On July 30, 2012, U.S. Silver’s Board of Directors unanimously recommended that U.S. Silver shareholders reject the unsolicited cash offer from Hecla Mining and recommended that U.S. Silver instead vote their U.S. Silver shares in favour of the proposed combination transaction with RX Gold & Silver Inc.
On August 7, 2012, during the special meeting of shareholders, U.S. Silver shareholders approved the proposed transaction with RX Gold.Five days later, on August 13, 2012, U.S. Silver and RX Gold finalized their merger.
On August 15, 2012, the newly created company U.S. Silver & Gold began trading on the Toronto Stock Exchange under the symbol “USA” and on August 29, 2012, the Company began trading on the OTCQX International under the symbol “USGIF”.
See also
Merger with RX Gold & Silver
On June 7, 2012, U.S.Silver Corporation and RX Gold & Silver announced the signing of a definitive agreement to merge the two companies and form U.S. Silver &Gold. The highlights of the agreement included
U.S. Silver shareholders to receive 0.670 U.S. Silver &Gold shares per U.S. Silver share, resulting in their effective ownership of approximately 70% of the combined company
RX Gold shareholders to receive 0.109 U.S. Silver & Gold shares per RX Gold share, resulting in their effective ownership of approximately 30% of the combined company
Two - 100% owned U.S. based precious metal operations that deliver immediate cash and one silver re-development asset
Combined production base of 2.7 million1 ounces of silver and 26,5001 ounces of gold
Opportunities for significant resource growth, brownfield development and operational and head office synergies
Meaningful organic exploration potential at Drumlummon and Silver Valley area
Geographic concentration of assets that allows for near term focus on improving mineplanning and execution of cost reduction strategies
Proven board of directors and management team with significant executive experience in senior precious metals companies and the capability todeliver results in tough market conditions
Improved liquidity and capital markets profile, US$25 million in cash and capital markets relationships that position the larger,combined company for further growth through opportunistic and accretive acquisitions
Unanimous recommendations from the boards of both companies that shareholders vote for the Transaction. The board and senior management of each company have agreed to vote in favour of the Transaction. In addition, Sprott Asset Management LP ("Sprott"
has signed a lock-up agreement supporting the Transaction. Sprott is the largest shareholder of both companies and currently holds approximately 14% of U.S. Silver shares and 8% of RX Gold shares A key objective of the combined company will be to exceed5.0 million ounces of silver production at significantly lower cash costs by2014.
On July 25, 2012, Hecla Mining Company announced its intention to make an all-cash offer to acquire all of the outstanding common shares of U.S. Silver for C$1.80 per share and all of the outstanding common share purchase warrants of U.S. Silver for C$0.205 per warrant.
On July 30, 2012, U.S. Silver’s Board of Directors unanimously recommended that U.S. Silver shareholders reject the unsolicited cash offer from Hecla Mining and recommended that U.S. Silver instead vote their U.S. Silver shares in favour of the proposed combination transaction with RX Gold & Silver Inc.
On August 7, 2012, during the special meeting of shareholders, U.S. Silver shareholders approved the proposed transaction with RX Gold.Five days later, on August 13, 2012, U.S. Silver and RX Gold finalized their merger.
On August 15, 2012, the newly created company U.S. Silver & Gold began trading on the Toronto Stock Exchange under the symbol “USA” and on August 29, 2012, the Company began trading on the OTCQX International under the symbol “USGIF”.
See also
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