U.S. Silver responds to unsolicited offer
26 July 2012 - 11:31AM
PR Newswire (Canada)
TORONTO, July 26, 2012 /CNW/ - U.S. Silver Corporation ("U.S.
Silver" or the "Company") today responds to a press release issued
on July 25, 2012 by Hecla Mining Company ("Hecla"), which announced
Hecla's 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 (the "Hecla Offer"). The Company's
board of directors is in the process of reviewing and evaluating
the announcement with its outside financial and legal advisors and
will notify shareholders of any recommendation in respect of the
Hecla Offer by the board of directors through a news release and
circular in accordance with applicable securities laws. The board
of directors will update shareholders from time to time on
developments relating to the Hecla Offer and the Company's proposed
combination transaction with RX Gold & Silver Inc. ("RX Gold")
announced on June 7, 2012. The combination agreement between
U.S. Silver and RX Gold will remain in effect unless terminated by
either party in accordance with its terms. The Company has retained
Cormark Securities Inc. as its financial advisors and Stikeman
Elliott LLP as its legal advisors. About U.S. Silver U.S. Silver,
through its wholly owned subsidiaries, owns and/or operates the
Galena, Coeur, Caladay and Dayrock silver-lead-copper mines in
Shoshone County, Idaho, with the Galena mine being the second most
prolific silver mine in U.S. history. Total silver production from
U.S. Silver's mining complex has exceeded 217 million ounces of
silver production since 1953. U.S. Silver controls a land package
now totalling approximately 14,000 acres in the heart of the Coeur
d'Alene Mining District. U.S. Silver is focused on expanding the
production from existing operations as well as exploring and
developing its extensive Silver Valley holdings in the Coeur
d'Alene Mining District. U.S. Silver Corporation CONTACT: U.S.
Silver CorporationGordon Pridham, Chairman & Interim CEO, or
Chris Hopkins, CFO416-907-5501info@us-silver.com
(www.us-silver.com)
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