U.S. Silver Corp. (USA.TO,USSIF.PK) announced that its Board unanimously recommends that U.S. Silver shareholders reject the unsolicited cash offer from Hecla Mining Co.(HL) to acquire all of the outstanding common shares of U.S. Silver.
In addition, U.S. Silver Board of Directors recommended that U.S. Silver shareholders vote their U.S. Silver shares In Favour of the proposed combination transaction with RX Gold & Silver Inc. (RXEXF.PK,RXE.V).
U.S. Silver said that the Hecla Offer is inadequate from a financial point of view, highly opportunistic. U.S. Silver stated that its board continues to believe that the proposed combination transaction with RX Gold will provide long term value to U.S. Silver in excess of the consideration being offered under the Hecla Offer.
On 26th July, Hecla Mining announced that an indirect wholly owned subsidiary has formally began offers to acquire all of the outstanding common shares of U.S. Silver Corp. for C$1.80 per common share in cash and to acquire each outstanding common share purchase warrant for C$0.205.
In June, the U.S. Silver Board of Directors approved a proposed business combination between U.S. Silver and RX Gold & Silver. Shareholders of U.S. Silver are scheduled to vote on the proposed transaction at a special meeting of U.S. Silver shareholders, currently scheduled for August 7, 2012.
U.S. Silver had said, as per the deal, U.S. Silver shareholders would 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 would receive 0.109 U.S. Silver & Gold shares per RX Gold share, resulting in their effective ownership of approximately 30% of the combined company.
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