United Silver Corp Announces Secured Creditor Requires Full Payment
August 01 2013 - 7:32AM
Business Wire
United Silver Corp. (“United Silver Corp.”, the “Company”, or
“USC”: TSX; USC: OTC; USCZF: Frankfurt: UM8) announces that
HUSC, LLC, the Company’s secured lender, has sent to the Company a
notice of default on its secured loan and demanded repayment in
full by August 12, 2013. The Company disputes that an event of
default has occurred, and the matter may result in litigation.
The Company has been negotiating with several parties with
respect to the refinance of the HUSC debt and the further
development of the Crescent Mine, but there is no binding or
definitive agreement yet reached. The Company will provide further
updates if and when an agreement may be reached.
ABOUT UNITED SILVER CORP.
USC is a vertically integrated Canadian mining company with
operations in Idaho, USA. It has an 80% interest in the Crescent
Silver Mine project in the Silver Valley’s prolific Silver Belt -
directly between two of the district’s historically largest silver
producing properties, the Sunshine and Bunker Hill mines. USC also
offers a full suite of mining services including contract mining
and providing a complete fabrication shop and service for building
and repairing mining equipment to silver miners in the district.
USC's common shares trade on the Toronto Stock Exchange under the
symbol "USC". For more information about USC, please visit:
www.unitedsilvercorp.com
ON BEHALF OF UNITED SILVER CORP.
"Graham Clark"Chairman and CEO
Investor RelationsTel. (855) 238-0202
FORWARD LOOKING STATEMENTS: This press release contains
forward-looking statements, which address future events and
conditions, which are subject to various risks and uncertainties.
Forward looking statements in this press release include that we
can refinance our debt and further develop the Crescent Mine. The
Company's actual results and financial position could differ
materially from those anticipated in such forward-looking
statements as a result of numerous factors, some of which may be
beyond the Company's control. These factors include: results of
exploration and development activities, mis-estimation of mineral
reserves and resources, fluctuations in the marketplace for the
sale of minerals, the inability to implement corporate strategies,
the inability to obtain sufficient financing, the inability to pay
our debts as they become due, labor shortages, the inability to
keep key employees, currency fluctuations, general market and
industry conditions and other risks disclosed in the Company's
filings with Canadian Securities Regulators.
Forward-looking statements are based on the expectations and
opinions of the Company's management on the date the statements are
made. The assumptions used in the preparation of such statements,
although considered reasonable at the time of preparation, may
prove to be imprecise and, as such, undue reliance should not be
placed on forward-looking statements. The Company expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events or otherwise, except as required by law.
The Toronto Stock Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of the content of this
news release.
On behalf of United Silver Corp."Graham Clark"Chairman
and CEOInvestor Relations855-238-0202
(USOTC:USCZF)
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