USC, Hale Capital Partners close financing transaction

United Silver Corp (USC) and Hale Capital Partners have successfully closed their previously announced financing transaction.

USC can now begin its four-year exploration and development plan to test the mineralization of the South Vein and Alhambra Vein at depth and along the east/west strike extensions of the veins in the US.

In the financing transaction, USC issued to Hale a convertible note for $6,300,000 pursuant to the convertible note and a securities purchase agreement entered into among a wholly owned subsidiary of Hale and USC.

USC also issued to Hale 5,040,000 common share purchase warrants and Hale will have the right at any time to convert any or all of the principal owing under the convertible note into common shares of USC.

USC proposes to mill ore from the bulk sampling and test mining under a milling JV agreement with New Jersey Mining Company.

The company plans to refine it under a contract with Formation Metals at its refinery.

USC intends to use cash generated from operations to fund an extensive surface and underground drilling program to test the mineralization of the entire Crescent property.