CHRYSALIS CAPITAL III CORPORATION ("USA")
[formerly CHRYSALIS CAPITAL III CORPORATION ("CYX.P")]
BULLETIN TYPE: Qualifying Transaction-Completed/New Symbol
BULLETIN DATE: December 29, 2006
TSX Venture Tier 2 Company
TSX Venture Exchange has accepted for filing the Company's Qualifying Transaction described in its Filing Statement dated December 18, 2006. As a result, at the opening on Tuesday, January 2, 2007, the Company will no longer be considered a Capital Pool Company. The Qualifying Transaction includes the following:
Qualifying Transaction:
Pursuant to the terms of an arm's length Merger Agreement dated October 10, 2006, between the Company and U.S. Silver Corporation ("U.S. Silver"), the Company has completed its Qualifying Transaction by way of a merger with U.S. Silver.
The terms of the merger resulted in each former shareholder of the Company maintaining one common share for each common share of the Company held. The former shareholders of U.S. Silver received three and one tenth (3.1) of a new common share for each one common share of U.S. Silver previously held. In aggregate, a total of 131,895,145 new common shares have been issued to former holders of U.S. Silver common shares. Of this number, a total of 23,265,500 common shares (inclusive of warrants to acquire 155,000 common shares) are subject to a Tier 1 Value Security Escrow Agreement, which provides for staged releases over a period of 18 months from the date of listing. A further 4,000,000 common shares of the Company remain subject to the original CPC Escrow Agreement, under which shares will be released in stages over the same 18-month.
For a complete description of the Qualifying Transaction, the related transactions, and the business of U.S. Silver, please refer to the Company's Filing Statement dated December 18, 2006, as filed on SEDAR (www.sedar.com).
Capitalization: Unlimited shares with no par value of which
141,895,145 shares are issued and outstanding
Escrow: 23,110,500 common shares
155,000 common share purchase warrants
Symbol: USA (new)
The Company is classified as a "Mining" company.
Company Contact: Bruce Reid
Company Address: 524 Bank Street
Wallace, Idaho 83873
Company Phone Number: 647-500-4495
Company Email Address: breid@us-silver.com
TSX-X
________________________________
|
|
