SOURCE: Amalgamated Gold and Silver Inc.

January 20, 2015 12:03 ET

Amalgamated Gold and Silver Inc. Announces the Closing of the Acquisition of the Mining Rights to the San Antonio de Turiri Antimony Mine in Potosi Bolivia

MIAMI, FL--(Marketwired - January 20, 2015) - Amalgamated Gold and Silver Inc. (AGS) (OTC PINK: BCHS) today announced that they have closed the acquisition of the mining rights on the San Antonio de Turiri concession in Potosi, Bolivia.

The company has issued a demand promissory note for $1,987,500.00 and 99 Series D Convertible Preferred Shares to complete the acquisition. The Series D Preferred Shares carry 4 to 1 voting rights over all other shares and are convertible on a 4:1 basis after one year of the issuance date. The Series D Shares carry the following conversion rights:

If at least one share of Series D Preferred Stock is issued and outstanding, then the total aggregate issued shares of Series D Preferred Stock at any given time, regardless of their number, shall be convertible into the number of shares of Common Stock which equals four times the sum of: i) the total number of shares of Common Stock which are issued and outstanding at the time of conversion, plus ii) the total number of shares of Series A and B and Series C Preferred Stocks which are issued and outstanding at the time of conversion iii) divided by the number of Series D outstanding at the time of conversion.

The company has received the field report and recommendations for ongoing operations prepared by Bolivian Geologist Mr. Hernan Uribe resultant of his site visit.

The company is reviewing the report and recommendations for the reopening and production from the San Antonio de Turiri mine.

Further the company announced the appointment of Madjinn Max Taoquil as President and Director replacing Abraham Villagran.

The information in this press release constitutes "forward-looking information". Other than statements of historical fact, all statements are "Forward-Looking Statements" that involve such various known and unknown risks, uncertainties and other factors. There can be no assurance that such statements will prove accurate. Results and future events could differ materially from those anticipated in such statements. Readers of this press release are cautioned not to place undue reliance on these "Forward-Looking Statements". Except as otherwise required by applicable securities statutes or regulation, the Company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Amalgamated Gold and Silver Inc.
    80 SW 8 Street, Suite 2000
    Miami Florida 31330 USA
    Email: info@ags-inc.co