Market Exclusive

U.S. PRECIOUS METALS, INC. (OTCMKTS:USPR) Files An 8-K Other Events

U.S. PRECIOUS METALS, INC. (OTCMKTS:USPR) Files An 8-K Other EventsItem 8.01 Other Events.

A. Please refer to the letter from Mr. Joseph Spano, President of the Company, dated as of this date, to Mr. John Leufray. The letter to Mr. Leufray is attached as Exhibit 99.1

B. On September 13, 2018, the Company received from the Securities and Exchange Commission (“Commission”) an Order Instituting Administrative Proceedings and Notice of Hearing to Section 12(j) Of the Securities Exchange Act of 1934 (“Order”). The Company has been delinquent in its filing requirements under the Securities Exchange Act (“Exchange Act”). The Order calls for an administrative hearing and for the Company to file any defenses as to why its trading should not be suspended and registration revoked under the Exchange Act. The Order is attached as Exhibit 99.2.

C. On January 22, 2018, the Company filed Form 8-K (Item 8.01. Other Events) under titled Legal Action Against Former CEO & CFO. The disclosure stated that on January 2, 2018, the Company filed a legal action against the Company’s former CEO and Chairman, Gennaro “Jerry” Pane, and its former CFO, David Cutler. The lawsuit against defendants asserted multiple causes of action for conduct and practices regarding the time of their governance and sought damages on various grounds. The litigation was filed in the Circuit Court of Miami-Dade County, Florida under the caption: U.S. Precious Metals, Inc. vs. Gennaro “Jerry” Pane, David Cutler, Does 1-5 Roes 1-2 (Circuit Court 11th Judicial District, Miami Dade County, Florida-Case No: 18-00003 CA 01).

On April 12, 2018, the above legal action was dismissed without prejudice and voided by the court.

D. The Company had previously posted a Warning Notice to Shareholders on the its web-site (uspr-holdings.com) which referred to a lawsuit by Mr. Keith Ritson against Mr. Jerry Pane. That lawsuit (Keith Ritson v. Gennaro “Jerry” Pane Superior Court of New Jersey, Ocean County, Civil Law Division, Docket L58.18) was dismissed without prejudice on July 2, 2018.

The above statements concerning the Order is qualified in its entirety by reference to the full text of the Order which is attached as Exhibit 99.2.

Item 9.01 Financial Statements and Exhibits.

Exhibit Index

99.1 – Letter dated September 18, 2018 to John Leufray from Joseph Spano.

99.2 – Letter dated September 12, 2018 from the Securities and Exchange Commission to the Company and Order Instituting Administrative Proceedings and Notice of Hearing to Section 12(j) Of the Securities Exchange Act of 1934 from the Securities and Exchange Commission.

U S PRECIOUS METALS INC Exhibit…To view the full exhibit click here
About U.S. PRECIOUS METALS, INC. (OTCMKTS:USPR)
U.S. Precious Metals, Inc. is an exploration-stage company. The Company operates as a mineral exploration company. The Company and its Mexican subsidiary company, U.S. Precious Metals de Mexico, S.A. de C.V, (U.S. Precious Metals Mexico), are engaged in the acquisition, exploration and development of mineral properties. It is focused on gold and base minerals primarily located in the State of Michoacan, Mexico where it owns exploration and exploitation concessions to approximately 37,000 contiguous acres of land (the Solidaridad Property). The Solidaridad properties consist of eight concessions granted by the Mexican government. Its concessions include Solidaridad I; Solidaridad II; Solidaridad II, Fraction A; Solidaridad II, Fraction B; Solidaridad III; Solidaridad IV; Solidaridad V (AKA Le Ceiba), and La Sabila. The Solidaridad deposit is a gold, silver, copper deposit within Guerrero Terrain of southern Michoacan.

Exit mobile version