May 02, 2007 09:30 ET

USCorp, a Junior Gold Exploration Company, Reports on $1.2 Million and $17 Million Financings and $10 Million Commitment

LAS VEGAS--(Collegiate Presswire - May 2, 2007) - USCorp (OTCBB:USCS) (Class A Common OTCBB:USCS, Berlin WKN# A0BLBB, Class B Non-Voting Common Shares: Frankfurt WKN# A0JEQQ) is pleased to announce that we have received the second of four tranches of our 2007 $1.2 million financing.

"We have received a total of $600,000 so far this year through a private Swiss fund," stated Robert Dultz, Chairman and CEO, "the remaining two tranches will be paid at the end of the third and fourth fiscal quarters of this year."

Mr. Dultz continued, "The nature of the financing is a Convertible Debenture, with an Interest rate of five percent (5%) of the unpaid balance per annum for a term of three (3) years, due and payable on 11/11/2009. Interest payments in the amount of $15,000.00 are payable annually with the first interest payment due 11/11/2007 and continuing annually thereafter in arrears."

"According to the Note, the holder may convert the Debenture into common stock of USCorp upon 30 days written notice to the company at $0.125 per share any time during the 3 year period of the note, regardless of the then existing market value of USCorp's common stock.

"In 2006 we negotiated a $17 million financing with a UK fund that planned to purchase our Class B Common stock which is tradable internationally and can never be traded in U.S. Markets. The fund manager we were working with left the fund and the financing was not completed. We are currently in discussions with other funds in Europe and Canada.

"We still have in place the SB-2 Registration for a $10 million commitment that was declared effective September 28, 2006; however we have not used it because of the terms. We believe we can do better, as we have under the terms of this Convertible Debenture," stated Mr. Dultz.

We invite our shareholders and the public to visit our website. For more information about USCorp please go to:; information request

Forward-Looking Statements

Statements contained in this release that are not historical facts are forward-looking statements that involve risks and uncertainties. Among the important factors which could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, those discussed in "Risk Factors" in the company's Forms 10-KSB, Forms 10-QSB, 8-K and other filings with the U.S. Securities and Exchange Commission. The actual results that the company achieves may differ materially from any forward-looking statements due to such risks and uncertainties. We undertake no obligation to revise or update publicly any forward-looking statements for any reason.

Contact Information

  • USCorp
    Robert Dultz