UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report: December 11, 2014
(Date of earliest event reported)
U.S. PRECIOUS METALS, INC.
(Exact name of registrant as specified
in its charter)
Delaware |
000-50703 |
14-1839426 |
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer I.D. No.) |
176 Route 9 North
Suite 306
Marlboro, NJ 07728
(Address of Principal Executive
Offices)
(732) 851-7707
(Registrant's telephone
number, including area code)
Check the appropriate box below if the Form 8-K filing is
intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
[ ] |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
[ ] |
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 7.01 Regulation FD Disclosure.
On December 11, 2014, the Company issued the press release
attached hereto as Exhibit 99.1.
The information in this Item 7.01 of this Current Report
is furnished pursuant to Item 7.01 and shall not be deemed "filed" for any purpose, including for the purposes of Section
18 of the Exchange Act, or otherwise subject to the liabilities of that Section. The information in this Current Report on Form
8-K shall not be deemed incorporated by reference into any filing under the Securities Act or the Exchange Act regardless of any
general incorporation language in such filing. The filing of this report and the furnishing
of this information pursuant to Item 7.01 do not mean that such information is material or that disclosure of such information
is required.
Item 9.01. Financial Statements
and Exhibits.
99.1 Press Release of the Company dated
December 11, 2014.
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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U.S. PRECIOUS METALS, INC. |
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By: |
/s/ Gennaro Pane |
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Name: Gennaro Pane |
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Title: Chief Executive Officer |
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Date: December 11, 2014 |
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US PRECIOUS METALS, INC. PROVIDES COMPANY
UPDATE
December 11, 2014. US Precious Metals, Inc. (USPR-OTCQB) provides
the following operational update.
The Company is continuing its negotiations with Mesa Acquisitions
Group, LLC (MAG) to restructure its existing mining development agreement. The parties have discussed the specifics of MAG commencing
a 30,000 meter drilling campaign on our property sufficient to complete the National Instrument 43-101 compliant report. This endeavor
contemplates a base camp for staff that supports 4 drilling rigs operating on two 12 hour shifts per days, 7 days per week.
Management has met with MAG on three separate occasions in
the past 30 days and members from MAG have spent the last week in Mexico developing this plan. The Company expects documentation
from MAG in the coming 7 to 10 days. The cost of this initial endeavor is estimated to be $10,000,000.
During the groundwork phase of the VERS study, the technicians
covered roughly 300 acres of the 2,000 acres shot by satellite and provided a very in-depth report to the Company of the values.
This consisted of 11 of the 71 anomalies reported to the company. The drilling campaign slotted to begin in January 2015, will
focus primarily on these 2,000 acres
Additionally, as previously reported, upon funding, the Company
also intends to use satellite imaging to explore the remaining 35,000 acres. Unlike the initial satellite imaging program which
isolated only gold anomalies, this proposed imaging program will identify gold, silver and copper anomalies. After lengthy discussions
with the Ukrainian imaging company, the estimated cost for this entire image shoot will approximate $3 million, which compares
with $5.8 million if performed in stages. They also have assured us that results will be received within 60 days from payment and
the unrest in the Ukraine, which caused the excessive delays in receiving the initial results, will not impact our proposed program.
The cost of this imaging program will be paid by the Company.
In this regard, Mr. Scott Hartman, board member and director of Mergers and Acquisitions for the Company, has facilitated term
sheets from potential third party funders who have expressed interest in funding the drilling program if the Company for any reason
doesn’t conclude its drilling program funding with MAG.
Finally, given the current events and negotiations referenced
above, the Company requested and received from Duane Morris, LLP a payment extension to December 19, 2014. Please refer to our
Form 8-K filed on this date for more information concerning this matter.
For further information, visit the Company’s website:
www.usprgold.com.
This press release may contain certain "forward-looking
statements" relating to the business of U.S. Precious Metals, Inc. and its subsidiary. All statements, other than statements
of historical fact included herein are "forward-looking statements" including statements regarding the Company's short
term business and operations, the general ability of the Company to achieve its commercial objectives, the business strategy, plans
and objectives of the Company and its subsidiaries; and any other statements of non-historical information. These forward-looking
statements are often identified by the use of forward-looking terminology such as "believes," "expects", “intended”
or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations
reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations
may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of
the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking
statements as a result of a variety of factors,
including those discussed in the Company's annual report
of Form 10-K and its periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov).
All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety
by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking
statements.
Investment & Company Information
Contact:
Steve Chizzik
Investor relations
The Verrazano Group, LLC
+1(973) 232 5132