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U.S. Silver and RX Proceed with Merger
The Ontario Superior Court of Justice has issued a final order to U.S. Silver Corp. and RX Gold & Silver approving a merger. The new company will be known as U.S. Silver & Gold Inc. Former shareholders of U.S. Silver will hold approximately 70% of the outstanding common shares of the U.S. Silver & Gold and former RX Gold shareholders will hold the remaining 30% of the outstanding common shares. While the transaction was pending, Hecla Mining Co. made a hostile offer for U.S. Silver. It terminated the offer when a sufficient number of U.S. Silver shareholders voted to approve a transaction with RX Gold & Silver.