Americas Gold and Silver Announces Closing of C$39.4 Million Bought Deal Financing
CNW GroupSeptember 4, 2020
TORONTO, Sept. 4, 2020 /PRNewswire/ -- Americas Gold and Silver Corporation (the "Company") (TSX: USA;
NYSE American: USAS) is pleased to announce that it has closed its
previously announced and upsized bought deal financing with a syndicate
of underwriters co-led by Desjardins Capital Markets and Cormark
Securities Inc., and including Stifel GMP, Clarus Securities Inc., and
Laurentian Bank Securities Inc., (collectively the "Underwriters").
A total of 10,204,510 common shares of the Company (the "Common
Shares"), including the partial exercise of the over-allotment option
by the Underwriters, were sold at a price of C$3.86 per Common Share,
for aggregate gross proceeds to the Company of C$39,389,409 (the
The net proceeds from the sale of the Common Shares will be used for the exploration, development and/or improvement of the Company's existing mine properties, including those relating to bringing Relief Canyon into commercial production and for working capital and general corporate purposes, as detailed in the Prospectus (as defined below).
The Offering was made pursuant to a short form prospectus (the "Prospectus") dated August 31, 2020 filed in all the provinces of Canada excluding Quebec. A copy of the Prospectus is available under the Company's profile on SEDAR at www.sedar.com.
The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or under any U.S. state securities laws, and may not be offered, sold, directly or indirectly, or delivered within the "United States" or to, or for the account or benefit of, persons in the "United States" or "U.S. persons" (as such terms are defined in Regulation S under the U.S. Securities Act) except in certain transactions exempt from the registration requirements of the U.S. Securities Act and all applicable U.S. state securities laws. This release does not constitute an offer to sell or a solicitation of an offer to buy such securities in the United States, Canada or in any other jurisdiction where such offer, solicitation or sale is unlawful.
About Americas Gold and Silver Corporation
Americas Gold and Silver Corporation is a high-growth precious metals mining company with multiple assets in North America. The Company's newest asset, the Relief Canyon mine in Nevada, USA, has poured first gold and is expected to ramp up to full production over the course of 2020. The Company also owns and operates the Cosalá Operations in Sinaloa, Mexico and manages the 60%-owned Galena Complex in Idaho, USA. The Company has recently completed the outstanding option acquisition agreement for the San Felipe development project in Sonora, Mexico, subject to closing conditions. For further information, please see SEDAR or www.americas-gold.com.
For more information:
VP, Corporate Development & Communications
President and CEO
Americas Gold and Silver Corporation
Americas Gold and Silver Corporation
Cautionary Statement on Forward-Looking Information:
This press release contains certain statements that constitute forward-looking information and forward-looking statements within the meaning of applicable securities laws ("forward-looking statements"), which reflects management's expectations regarding the Company's future growth and business prospects and opportunities. Forward-looking statements include, without limitation, including the anticipated use of proceeds of the Offering, and possible events, conditions or results of operations, future economic conditions expectations and anticipated courses of action, including the Company's ability to finance, develop, achieve commercial production at and operate Relief Canyon and the expected timing and completion of the Company's exercise of its option to acquire the San Felipe development project. Although the forward-looking statements contained in this press release reflect management's current beliefs based upon information currently available to management and based upon what management believes to be reasonable assumptions, such forward-looking statements are based upon assumptions, opinions and analysis that management believes to be reasonable and relevant but that may prove to be incorrect. The Company cautions you not to place undue reliance upon any such forward-looking statements.
Americas Gold and Silver Corporation TSE:USA
Alternate Symbol(s): USAS
CORPORATE PRESENTATION JULY 2020 https://www.americas-gold.com/site/assets/files/5498/presentation20200805.pdf https://www.americas-gold.com/
Mining in Nevada
Nevada has the second largest gold reserves in the world. It has 23 major gold mines, produces five million ounces of gold annually, and has produced more than 152 million gold ounces since 1835. Nevada has a stable tax regime, robust legal framework, streamlined permitting process, nearby infrastructure and unparalleled access to qualified labor. It is ranked by the Fraser Institute as the fourth most mining friendly jurisdiction in the world.
Relief Canyon Mine and Processing Facility
The Relief Canyon Mine is located in Pershing County, Nevada. The project encompasses an open pit mine and heap leach processing facility. Americas Gold and Silver is currently permitted to begin mining and processing at Relief Canyon under the existing Plan of Operations.
Americas Gold and Silver's landholdings cover approximately 25,000 acres that include the Relief Canyon Mine asset and lands surrounding the mine in all directions. This land package provides Americas Gold and Silver with the opportunity to expand the Relief Canyon deposit and to explore and make new discoveries on nearby lands.
The existing gold recovery plant has the capacity to handle three thousand gallons per minute of gold bearing solution. The leach pad is permitted to hold 21 million tons and can be readily expanded. A crushing and conveying system will be constructed to allow ore placement of over 6 million tons per year. The facility is conveniently situated to process ore from future discoveries of satellite deposits.
Relief Canyon is situated at the southern edge of the Pershing Gold and Silver trend along the Humboldt Range. It is approximately 95 miles northeast of Reno, Nevada. Electricity is available on the property, and water is available from two wells located east of the processing plant. The City of Lovelock is located approximately 19 miles by road west-southwest of Relief Canyon.
Currently, Americas Gold and Silver has all state and federal permits necessary to begin mining and heap leach processing operations. Americas Gold and Silver is following a two-phase approach for project permitting. Phase I, which has been approved, is the re-purposing of previously approved disturbance for expanded mining to a pit bottom elevation of 5,080 feet, partial backfilling of the pit to eliminate formation of a pit lake, expanded exploration operations, full build-out of the heap leach pad to accommodate leaching of the Phase I ore, and construction of a new waste rock storage facility. This phase will carry the project through the first 30 months of operation. During this period the Company will pursue approval of the Phase II permits to allow production from the entire reserve. The key aspects of this phase involve further pit expansion and formation of a pit lake upon closure (i.e. no backfilling required). Technical data supporting the Phase II permit was submitted in June 2018 and accepted as complete in February 2019. It is anticipated that the Phase II permitting process will conclude in the second half of 2020.
The Relief Canyon mine has proven production history to show the ore is amenable to cyanide heap leach processing. More recent metallurgical test work on drill core and bulk samples has confirmed the viability of heap leach processing for additional resources identified within the proposed pit. The metallurgical test work covers all three distinct mineralized zones identified in geological modeling; Main, Lower, and Jasperoid.
The planned processing method is heap leach cyanidation of primary crushed ore (80% passing three inch) that has been agglomerated using cement and conveyor stacked in 20-foot lifts. The primary leach cycle lasts approximately 130 days.
The column-leach and permeability tests indicate that agglomeration is required in order to achieve hydraulic conductivity and a corresponding gold recovery on a consistent basis. There is also evidence that blending of low and high fines content material will aid hydraulic conductivity.
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Warren Buffett’s group pares back holdings in Wells Fargo, JPMorgan, PNC and Goldman Sachs
Warren Buffett, through Berkshire Hathaway, is one of the single-biggest individual shareholders in US banks © REUTERS
August 14, 2020 10:43 pm by Eric Platt and Robert Armstrong in New York
Warren Buffett’s Berkshire Hathaway significantly cut its stakes in some
of the largest US banks in the second quarter, selling billions of
dollars worth of stock in Wells Fargo, JPMorgan Chase and other
Berkshire Hathaway disclosed on Friday it had sold 85.6m shares of Wells
Fargo in the quarter, reducing its stake from 7.9 per cent to 5.8 per
cent of the lender, according to a filing with US securities
regulators. Berkshire also sold 35.5m shares of JPMorgan, lowering its
stake to 0.7 per cent from 1.9 per cent, and a substantial minority of
its longtime holding PNC Financial.
Mr Buffett sold the last of his financial crisis-era investment in
Goldman Sachs in the quarter, which was worth just under $300m at the
end of March. He cut Berkshire’s stakes in M & T Bank, Bank of New York
Mellon, US Bancorp, Mastercard and Visa as well. In total, including
both financial and non-financial stocks, Berkshire dumped $12.8bn worth
of shares in the quarter.
Through Berkshire, Mr Buffett is one of the single-biggest shareholders
in US banks and his decision to pare back his exposure will be parsed
by investors globally, especially given the timing.
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The Return of the Gold Standard (This is WHEN and HOW it comes back!)
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Gold rising to $4,000 an ounce ‘would not be an unreasonable move,’ fund manager says
Published: Aug. 8, 2020 at 4:44 p.m. ET https://www.marketwatch.com/story/gold-rising-to-4000-an-ounce-would-not-be-an-unreasonable-move-fund-manager-says-2020-08-06?mod=home-page
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