US Gold Corporation completes over-allotment of common stock

Wed. May 27, 2009; Posted: 10:36 AM

May 27, 2009 (M2 EQUITYBITES via COMTEX) -- UXG | Quote | Chart | News | PowerRating -- US Gold Corporation (Toronto:UXG.TO) (AMEX:UXG), a US and Mexico focused gold and silver exploration company, declared on 26 May the completion of the sale of 3.15m shares of common stock, pursuant to the underwriters' over-allotment option to purchase 3.3m shares of common stock in connection with US Gold's recent public offering of common stock. A According to the company, the 3.15m shares were sold to the underwriters at the public offering price of USD2.00 per share (before the underwriters' commissions and expenses). The recently-closed public offering of 22.0m shares of common stock closed on 19 May 2009. With the sale of the additional 3.15m shares to the underwriters, 25.15m shares in total have been sold in connection with the offering. A The company said that it received proceeds from the offering, net of the underwriters' commissions and expenses, of approximately USD46.72m. A The majority of the net proceeds will be used by the company to fund its ongoing exploration in Nevada's Cortez Trend and in Mexico. The remaining proceeds will be used for general corporate purposes.

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For full details on US Gold Corporation (UXG) click here. US Gold Corporation (UXG) has Short Term PowerRatings of 5. Details on US Gold Corporation (UXG) Short Term PowerRatings is available at This Link.

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