RX Gold & Silver Inc. (TSXV:RXE) announced that its merger with US Silver Corp. (TSX:USA) was completed today. The new company will be called US Silver & Gold Inc., and its shares are expected to start trading on the TSX on August 15, 2012 under the symbol USA.
As quoted in the press release:
Each outstanding common share of U.S. Silver has been exchanged for 0.67 of a common share of the Combined Company and each outstanding common share of RX Gold has been exchanged for 0.109 of a common share of the Combined Company.
Darren Blasutti, president and CEO of the combined company, stated:
We are delighted to have reached this important first milestone in creating a growing precious metals company. With two producing properties, numerous opportunities for growth and an experienced team that can deliver in this sector, I am excited and confident in the future of our new company.