Americas Gold and Silver Corporation (“the “Company”) (TSX:USA;
NYSE American: USAS) is pleased to announce that the nominees
listed in the management proxy circular dated May 11, 2023 for the
Company’s annual and special meeting of Shareholders held June 20,
2023 (the “Meeting”) were elected as directors of the Company at
the Meeting. Detailed results of the vote for the election of
directors held at the Meeting yesterday in Toronto as well as the
results for other matters voted on at the Meeting are set out
below.
Nominee
Votes For
% For
Votes Against
% Against
Darren Blasutti
83,459,219
95.40%
4,019,684
4.60%
Christine Carson
85,427,912
97.66%
2,050,991
2.34%
Alex Davidson
85,343,164
97.56%
2,135,739
2.44%
Alan Edwards
85,469,357
97.70%
2,009,547
2.30%
Bradley Kipp
85,475,355
97.71%
2,003,549
2.29%
Gordon Pridham
85,468,708
97.70%
2,010,196
2.30%
Manuel Rivera
85,467,934
97.70%
2,010,970
2.30%
Lorie Waisberg
71,501,919
81.74%
15,976,985
18.26%
In addition, the Company’s shareholders passed a resolution to
appoint PricewaterhouseCoopers LLP as auditors of the Company for
the ensuing year and authorizing the Directors to fix their
remuneration.
The results of these matters considered at the Meeting are
reported in the Report of Voting Results as filed on SEDAR
(www.sedar.com) on June 21, 2023. A total of 106,472,153 the
Company’s common shares were voted, representing 50.36% of total
shares issued and outstanding as at the record date for the
Meeting.
Additional Convertible Financing
The Company has issued an additional C$8.0 million senior
secured convertible debenture to certain subsidiaries of Delbrook
Capital Advisors Inc. (“Delbrook Capital”). Delbrook Capital are
one of the largest holders of common stock of the Company.
The Delbrook Debenture financing (the “Delbrook Debenture”) will
be issued in two tranches: (i) C$3.0M funded as of the date hereof;
and (ii) C$5.0M to be funded in the coming days subject to
conditions precedent regarding registering Mexican security and
confirmatory due diligence. The Delbrook Debenture bears interest
at a rate of 11% per annum and has a maturity date of July 1, 2024,
that can be extended by mutual consent to April 28, 2025. The
principal amount outstanding under the Delbrook Debenture is
convertible in certain instances at the holder’s option (subject to
TSX approval), into common shares of Americas Gold and Silver at a
conversion price of C$0.80 per share. The Company’s existing
debentures have a current outstanding principal amount of
C$16,300,000 and will be amended with the same terms as the
Delbrook Debenture. The Delbrook Debenture and the existing
debentures are secured by the Company’s interest in the Galena
Complex and by the shares of one of the Company’s Mexican
subsidiaries.
As part of the agreement, the Company has also agreed to issue
3.5 million share purchase warrants with an exercise price of
C$0.80 per common share and a term of three years to Delbrook
Capital.
In addition, in support of the financing, certain members of the
Company’s board and management have agreed to participate in a
private placement for common shares of the Company for an aggregate
minimum amount of C$500,000.
The proceeds are being raised to finalize construction of the
Galena Hoist and for general working capital purposes.
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 owns and operates the Cosalá Operations in Sinaloa, Mexico,
manages the 60%-owned Galena Complex in Idaho, USA, and is
re-evaluating the Relief Canyon mine in Nevada, USA. The Company
also owns the San Felipe development project in Sonora, Mexico. For
further information, please see SEDAR or www.americas-gold.com.
Cautionary Statement on Forward-Looking Information:
This news release contains “forward-looking information” within
the meaning of applicable securities laws. Forward-looking
information includes, but is not limited to, Americas’
expectations, intentions, plans, assumptions and beliefs with
respect to, among other things, estimated and targeted production
rates and results for gold, silver and other metals, the expected
prices of gold, silver and other metals, as well as the related
costs, expenses and capital expenditures; production from the
Galena Complex, including the expected production levels and
potential additional mineral resources thereat; the expected timing
and completion of the Galena Hoist project , the expected
completion of the Delbrook Debenture financing and related private
placement The ability to maintain cash flow positive production at
the Cosalá Operations through meeting production targets and at the
Galena Complex through implementing the Galena Recapitalization
Plan, including the completion of the Galena Hoist project on its
expected schedule and budget, allowing the Company to generate
sufficient operating cash flows while facing market fluctuations in
commodity prices and inflationary pressures, are significant
judgments in the consolidated financial statements with respect to
the Company’s liquidity. Should the Company experience negative
operating cash flows in future periods, the Company may need to
raise additional funds through the issuance of equity or debt
securities. Often, but not always, forward-looking information can
be identified by forward-looking words such as “anticipate”,
“believe”, “expect”, “goal”, “plan”, “intend”, “potential’,
“estimate”, “may”, “assume” and “will” or similar words suggesting
future outcomes, or other expectations, beliefs, plans, objectives,
assumptions, intentions, or statements about future events or
performance. Forward-looking information is based on the opinions
and estimates of Americas as of the date such information is
provided and is subject to known and unknown risks, uncertainties,
and other factors that may cause the actual results, level of
activity, performance, or achievements of Americas to be materially
different from those expressed or implied by such forward-looking
information. With respect to the business of Americas , these risks
and uncertainties include risks relating to widespread epidemics or
pandemic outbreak including interpretations or reinterpretations of
geologic information; unfavorable exploration results; inability to
obtain permits required for future exploration, development or
production; general economic conditions and conditions affecting
the industries in which the Company operates; the uncertainty of
regulatory requirements and approvals; potential litigation;
fluctuating mineral and commodity prices; the ability to obtain
necessary future financing on acceptable terms or at all; the
ability to operate the Company’s projects; and risks associated
with the mining industry such as economic factors (including future
commodity prices, currency fluctuations and energy prices), ground
conditions, illegal blockades and other factors limiting mine
access or regular operations without interruption, failure of
plant, equipment, processes and transportation services to operate
as anticipated, environmental risks, government regulation, actual
results of current exploration and production activities, possible
variations in ore grade or recovery rates, permitting timelines,
capital and construction expenditures, reclamation activities,
labor relations or disruptions, social and political developments,
risks associated with generally elevated inflation and inflationary
pressures, risks related to changing global economic conditions,
and market volatility, risks relating to geopolitical instability,
political unrest, war, and other global conflicts may result in
adverse effects on macroeconomic conditions including volatility in
financial markets, adverse changes in trade policies, inflation,
supply chain disruptions and other risks of the mining industry.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated, or
intended. Readers are cautioned not to place undue reliance on such
information. Additional information regarding the factors that may
cause actual results to differ materially from this forward‐looking
information is available in Americas filings with the Canadian
Securities Administrators on SEDAR and with the SEC. Americas does
not undertake any obligation to update publicly or otherwise revise
any forward-looking information whether as a result of new
information, future events or other such factors which affect this
information, except as required by law. Americas does not give any
assurance (1) that Americas will achieve its expectations, or (2)
concerning the result or timing thereof. All subsequent written and
oral forward‐looking information concerning Americas are expressly
qualified in their entirety by the cautionary statements above.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230621741052/en/
Stefan Axell VP, Corporate Development & Communications
Americas Gold and Silver Corporation 416-874-1708
Darren Blasutti President and CEO Americas Gold and Silver
Corporation 416‐848‐9503
Americas Gold and Silver (AMEX:USAS)
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