Press release from CNW Group
ISS Proxy Advisory Services and Glass Lewis & Co. recommend U.S. Silver shareholders vote for combination transaction with RX Gold
Wednesday, August 01, 2012
TORONTO, Aug. 1, 2012 /CNW/ - U.S. Silver Corporation (TSX: USA) ("U.S. Silver" or the "Company") announced today that ISS Proxy Advisory Services (formerly Riskmetrics) ("ISS") and Glass Lewis & Co. ("Glass Lewis") have each published a report recommending that their clients vote IN FAVOUR of the combination transaction with RX Gold & Silver Inc. ("RX Gold") at U.S. Silver's upcoming shareholders' meeting scheduled to be held on Tuesday, August, 7, 2012 at 10:00 a.m. (Toronto time).
"We are very pleased with the support we are receiving from our shareholders, and now from both ISS and Glass Lewis, the two leading Canadian proxy advisory firms," said Gordon Pridham, Chairman and Interim CEO of U.S. Silver.
ISS is a leading independent corporate governance analysis and proxy voting firm. Glass Lewis is a leading, independent, governance analysis and proxy voting firm, serving institutional investors globally. Their recommendations assist their respective clients in making choices regarding proxy voting and transaction decisions.
In recommending that its clients vote IN FAVOUR of the proposed combination transaction, Glass Lewis stated:
"[…] we agree with the U.S. Silver board that Hecla's offer is not compelling enough to reject the RX Gold merger and believe that the board has given fair consideration to the unsolicited offer. The proposed combination with RX Gold is expected to yield a number of strategic benefits and synergies […] on financial terms that implied a significant premium to U.S. Silver shares. Ultimately, we believe the longer-term benefits of the RX Gold merger outweigh the positive aspects of the Hecla offer at the current offer price. While the Hecla offer would provide immediate and certain value, we believe that value is not great enough to abandon the proposed RX Gold merger."
Shareholders are reminded to vote their proxy IN FAVOUR of the combination transaction before the proxy voting deadline of Thursday, August 2, 2012 at 5:00 p.m. (Toronto time).
How to Vote IN FAVOUR of the Combination Transaction with RX Gold
Any U.S. Silver shareholder that has already voted IN FAVOUR of the proposed combination transaction with RX Gold need not take any action, as their votes will be counted. Any U.S. Silver shareholder who has voted against the proposed combination transaction is encouraged to change its vote and vote IN FAVOUR of the proposed combination transaction.
Registered shareholders of U.S. Silver are requested to complete, date, sign and return the form of proxy that accompanied the Company's management information circular dated July 9, 2012. To be valid, the form of proxy must be signed and received by the proxy department of U.S. Silver's transfer agent, Valiant Trust Company, by mail at 310-606 4 Street SW, Calgary, Alberta, T2P 9Z9, or by facsimile at 1-855-375-6916 or toll-free in North America at 1-866-313-1872, not later than 5:00 p.m. (Toronto time) on August 2, 2012.
Non-registered shareholders who receive voting instructions from their intermediary should carefully follow the instructions provided by their intermediary to ensure their vote is counted. Non-registered shareholders are encouraged and can vote via internet at www.proxyvote.com.
If you have any questions that are not answered by U.S. Silver's management information circular, or would like additional information, you should contact your professional advisors. You can also contact Phoenix Advisory Partners, the proxy solicitation firm engaged by U.S. Silver, toll-free at 1-800-240-2133 or outside North America at 201-806-2222 or by email at email@example.com should you have any questions regarding voting of your shares.
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.
SOURCE: U.S. Silver Corporation
For further information:
U.S. Silver Corporation
Gordon Pridham, Chairman & Interim CEO, or Chris Hopkins, CFO